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Wells Fargo Names CFO Tim Sloan To Head Wholesale Banking Group; Dave Hoyt To Retire At The End Of June

Stocks in this article: WFC

Wells Fargo & Company (NYSE:WFC) announced today that Timothy J. Sloan, the company’s current chief financial officer and a senior executive vice president, will become head of the Wholesale Banking group, effective May 15, 2014. He will succeed David A. Hoyt, a 32-year veteran of the company who has decided to retire after a long, successful career at Wells Fargo. Hoyt will continue in his role until May 15, 2014, and will remain with the company until June 30, 2014, to help with the transition of responsibilities.

John R. Shrewsberry, current head of Wells Fargo Securities and an executive vice president, will succeed Sloan as chief financial officer and become a senior executive vice president, also effective May 15, 2014. As CFO, he will report directly to John Stumpf, Wells Fargo’s chairman and chief executive officer, and will serve on the company’s Operating Committee.

“I want to thank and pay tribute to Dave Hoyt for his extraordinarily distinguished career at Wells Fargo,” said Stumpf. “Dave has helped define our company's enduring culture and our industry leadership in wholesale banking. He played a key role in the Wachovia integration, has greatly expanded the products and services we offer our corporate, government and institutional clients, and has built a second-to-none team with exceptional expertise and integrity. Thanks to Dave’s leadership, the Wholesale Banking business, an important contributor to our company, is in an excellent position for future growth and success.”

Hoyt has managed the Wholesale Banking business for the past 16 years. Previously, he managed the Capital Markets group and the workout-related groups within the Wholesale Bank, as well as various functions relating to the overall credit quality of the bank’s portfolio. Hoyt also was senior credit officer for the Real Estate group, manager of the bank’s credit training function, and manager of the East Bay office of the Real Estate group.

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