Wells Fargo formed a new Strategic Execution and Operations Office, which is focused on achieving operational excellence across businesses to enable the company to execute more effectively against its regulatory priorities and further drive transformation.
Derek Flowers, a 21-year company veteran, will be head of the Strategic Execution and Operations Office. Flowers is an executive officer, a member of the company’s Operating Committee, and reports to Interim CEO and President Allen Parker.
“The formation of the Strategic Execution and Operations Office is an important step in Wells Fargo’s work to meet the expectations of our regulators, do the right thing for our customers and team members, and move our Company forward,” Parker said.
The office is composed of several teams — including the Regulatory Consent Order and Risk Framework Execution Office, the Sales Practice Consent Order Office, Regulatory Relations, and the Business Process Management and Operational Design team — that are focused on the execution of critical business and risk programs and policies to drive operational excellence in the company’s front line.
Flowers said, “I’m excited to bring these groups together as we work with the Company’s businesses and control functions to implement our risk management policies and programs and achieve the operational excellence that will enable us to better execute against our regulatory priorities.”
Previously, Flowers was chief credit and market risk officer, responsible for leadership and oversight of all credit, counterparty and market risk undertaken throughout Wells Fargo. In that role, he oversaw all credit risk through the company’s lending activities and provided oversight of all company and line-of-business credit policies. Earlier in his career, Flowers was chief credit and market risk officer for Wells Fargo Securities and Wells Fargo’s Corporate Banking groups. Flowers also led the corporate credit investing group within Wells Fargo’s Securities Investment Group.
Flowers’s previous position will be divided into separate Credit Risk and Market Risk functions. Mary Katherine DuBose, who joined Wells Fargo in 1998 and most recently was managing director and head of Capital Markets, will serve as Wells Fargo’s chief credit officer, reporting to Chief Risk Officer Mandy Norton. In addition, Jeremy Smith, a 20-year company veteran who previously led Market and Counterparty Risk under Flowers, will continue in that role, reporting to Norton.
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