Wells Fargo & Co., the most valuable U.S. bank, promoted Timothy Sloan to chief operating officer and president, giving him authority over more businesses and positioning him to someday lead the company.
Sloan, who runs wholesale banking, will now also supervise heads of other key divisions — community banking, consumer lending and wealth and investment management — the San Francisco-based firm said Tuesday in a statement. His 28 years at the lender already included stints as chief financial officer and head of administration.
“As we prepare for Wells Fargo’s future, Tim is an ideal choice to lead one of the best teams in banking as they accelerate investments and drive change,” Chairman and Chief Executive Officer John Stumpf, 62, said in the statement.
“It establishes a succession plan,” Mosby said. And for Stumpf, “holding all those jobs without anybody else having a part of that umbrella in a national franchise of this magnitude is tough sledding.”
Not Only Candidate
Stumpf served as operating chief and president for almost two years before becoming CEO in 2007. The bank’s retirement rules for senior executives require him to step down as CEO by the end of 2018, the year in which he turns 65, unless the board’s human resources committee says he should stay on because of special or unique business circumstances, according to a regulatory filing.
Tuesday’s announcement puts Wells Fargo ahead of most other big U.S. banks in signaling who may someday take charge. Still, the promotion doesn’t mean he’s the only potential successor, said Arati Randolph, a company spokeswoman.