Hardison, Julian Take Leaves of Absence from Wells Fargo

Chief Administrative Officer Hope Hardison and Chief Auditor David Julian have begun leaves of absence from Wells Fargo and will no longer be members of the company’s Operating Committee.

These leaves relate to previously disclosed ongoing reviews by regulatory agencies in connection with historical retail banking sales practices. These leaves of absence are unrelated to the company’s reported financial results or internal financial controls.

The company has made key leadership appointments, effective immediately. For the Chief Administrative Office functions, David Galloreese will continue as head of Human Resources and join the Operating Committee. Cara Peck, heads of the Culture and Change Management teams, will report directly to Galloreese.

Jim Rowe will continue as head of Stakeholder Relations and will report directly to President and CEO Tim Sloan. Stakeholder Relations will expand to include Corporate Philanthropy and Community Relations, headed by Jon Campbell.

CFO John Shrewsberry will oversee both Data Management and Insights and Commitment to Customer Center of Excellence, while Avid Modjtabai, head of Payments, Virtual Solutions and Innovation, will assume responsibility for Marketing. CRO Mandy Norton will assume responsibility on an interim basis for Integration and Planning as the company refines the final organizational alignment.

For the Audit Services functions, Kimberly Bordner, currently executive audit director, will become the company’s acting chief auditor while the company conducts an internal and external search for the role.

“Because of the depth of our management team, we are confident in our ability to ensure an effective transition,” Sloan said. “During the past two years, we have become more customer-focused, made significant leadership and board changes, strengthened risk management and controls, simplified the organization, and invested in our team members. We remain steadfast in our focus on making things right for customers and building a better Wells Fargo.”

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