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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

Hoyt said, “It has been a privilege to have been part of Wells Fargo over the years, and especially through the industry’s largest-ever merger. Wells Fargo has never been stronger or enjoyed more valuable customer relationships than it does today. I have worked closely with both Tim Sloan and John Shrewsberry over the years and know they are superbly prepared to serve the company, our shareholders, and our customers in their respective roles. I am retiring confident in Wells Fargo’s future and that our wholesale banking customers are in excellent hands.”

“Today’s appointments represent a natural evolution of executive responsibilities at our company,” said Stumpf. “They also demonstrate the deep bench of high-caliber leaders at Wells Fargo and the value of rotating them into different roles to effect seamless leadership transitions.”

Sloan, a 26-year veteran of Wells Fargo, will continue to report to Stumpf and serve on the company’s Operating Committee after he transitions to head of Wholesale Banking. Sloan has served as chief financial officer since 2011. Previously, he was Wells Fargo’s chief administrative officer and prior to that spent 22 years in the Wholesale Banking group including serving as head of Commercial Banking, Commercial Real Estate and Specialized Financial Services -- operations that provided credit and non-credit services to customers worldwide.

“As our CFO, Tim has been an excellent financial and strategic leader for our company. He is well respected throughout the company, the financial community and the industry for his strategic insight, leadership, and financial and operational expertise. There is nobody more suited than Tim to continue our Wholesale Banking business strategy and apply his passion for serving customers to drive new opportunities across an area of the company where he has extensive experience and abilities. As head of one of our largest and most important business segments, Tim will continue to be a significant contributor to our company, our strategy and our future,” Stumpf said.

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