Wells Fargo (WFC) said Tuesday that Carrie Tolstedt, the company’s head of Community Banking, is set to retire by Dec. 31. Mary Mack, currently head of Wells Fargo Advisors, will take over Tolstedt’s post on July 31.
The bank also says that Brand Meyer, head of the group’s independent brokerage group, including First Clearing and Wells Fargo Financial Network (or FiNet), will replace Mack on an interim basis until a permanent leader of WFA is named.
“Both [Tolstedt and Mack] represent the best that our industry has to offer in terms of business acumen, operational know-how, organizational savvy and leadership skills, because over the course of their careers they have had the diversity of experiences that positioned them well for any number of top leadership roles at our company,” said Wells Fargo Chairman and CEO John Stumpf, in a statement. “Our team has tremendous confidence that Mary will continue the tradition of excellence and commitment to our company’s vision that so characterized the Community Banking team led by Carrie.”
In the first quarter of 2016, the community banking and consumer lending group had revenue of about $12.6 billion, while wealth and investment management’s sales were $3.9 billion.
Tolstedt officially joined Wells Fargo after it merged with Wachovia and helped it develop a national retail-branch network of 6,000 locations and 13,000 ATMs. The unit serves more than 20 million retail checking households and 3 million small business owners; it employs 94,000 team members.
The executive first joined a group that would later become part of Wells Fargo in 1986, when she worked for Norwest Bank.