Charles W. Scharf has been named Wells Fargo chief executive officer and president, and a member of the board of directors, effective October 21. Scharf was previously chairman and CEO of Bank of New York Mellon.
“I am delighted to welcome Charlie as our new CEO. Charlie is a proven leader and an experienced CEO who has excelled at strategic leadership and execution and is well-positioned to lead Wells Fargo’s continued transformation. With more than 24 years in leadership roles in the banking and payments industries, including as CEO of Visa and Bank of New York Mellon, Charlie has demonstrated a strong track record in initiating and leading change, driving results, strengthening operational risk and compliance, and innovating amid a rapidly evolving digital landscape,” said Wells Fargo Board Chair Betsy Duke.
In March, the board appointed C. Allen Parker interim CEO and president and a member of the board. Parker will continue to serve in these roles until Scharf joins the company; Parker will thereafter support the transition as a key member of the company’s leadership team and general counsel.
“On behalf of the board of directors, I wish to thank Allen for his exemplary leadership during this transition. He has continued to move the company forward on our top priorities in a focused and transparent way. His leadership through this time has been invaluable for our stakeholders, particularly for our 263,000 team members,” said Duke.
Prior to his role at BNY Mellon, Scharf was CEO of Visa. Before joining Visa, Scharf was managing director of One Equity Partners, the private investment arm of JP Morgan Chase. He also served as chief executive officer of Retail Financial Services at JP Morgan Chase and chief executive officer of the retail division of Bank One. Scharf has been CFO of Bank One, CFO of the Global Corporate and Investment Bank division at Citigroup, and CFO of Salomon Smith Barney.
Scharf will continue to be located in New York.
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