Wells Fargo Names Scott Powell Chief Operating Officer
December 02 2019 - 4:10PM
Business Wire
New COO role to focus on operational excellence and regulatory
matters
Wells Fargo & Company (NYSE: WFC) today announced that Scott
Powell has been named chief operating officer effective Dec. 9,
2019. He will serve on the company’s Operating Committee and report
directly to CEO and President Charlie Scharf. Powell most recently
was CEO of Santander Holdings USA, Inc. as well as CEO of Santander
Consumer USA Holdings Inc., a publicly traded consumer finance
company focused on vehicle finance and third-party servicing.
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Wells Fargo Names Scott Powell Chief
Operating Officer (Photo: Business Wire)
“I have known Scott for many years, and his tremendous
experience, proven track record and unquestioned integrity will
make him a great addition to our management team,” Scharf said.
“He’s the ideal person to take on this new position as we seek to
transform Wells Fargo so that high-quality execution, clear
accountability and operational excellence become unquestioned
components of our culture. These elements are critical for us as we
tackle our most important priority, regulatory remediation, and
also create the foundation from which to build Wells Fargo and to
best serve our customers.”
As COO, Powell will oversee regulatory execution and relations,
enterprise shared services and a range of operational functions
across the company. He will be empowered to execute on the
company’s regulatory commitments, build the strongest possible
operational standards and governance and deliver consistent,
high-quality customer service.
As CEO of Santander Holdings USA, Powell led its financial
turnaround, including resolving significant regulatory issues,
implementing customer-focused oversight programs, improving
financial and operating controls and increasing community and
employee engagement. Prior to Santander, Powell held a number of
senior roles at JPMorgan Chase, including head of consumer banking,
lending operations and consumer risk management. He also was CEO of
consumer lending at Bank One, and he spent 14 years at Citi in
various risk management roles.
Powell said, “I am truly excited about the opportunity to join
Wells Fargo and take on this new role during a critical period in
Wells Fargo’s history. Like Charlie, I have long admired and
respected Wells Fargo. The company plays an important role in the
U.S. economy, and we must ensure we are operating seamlessly and
with the utmost integrity. I recognize that expectations are high
and that we have significant work ahead of us. By working together
and holding each other accountable, I’m confident that we will meet
those expectations.”
Powell will be based in New York. He serves on the boards of
directors of Phipps Houses and the END Fund in New York City and
the Boys & Girls Club of Boston.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified,
community-based financial services company with $1.9 trillion in
assets. Wells Fargo’s vision is to satisfy our customers’ financial
needs and help them succeed financially. Founded in 1852 and
headquartered in San Francisco, Wells Fargo provides banking,
investment and mortgage products and services, as well as consumer
and commercial finance, through 7,500 locations, more than 13,000
ATMs, the internet (wellsfargo.com) and mobile banking, and has
offices in 32 countries and territories to support customers who
conduct business in the global economy. With approximately 261,000
team members, Wells Fargo serves one in three households in the
United States. Wells Fargo & Company was ranked No. 29 on
Fortune’s 2019 rankings of America’s largest corporations. News,
insights and perspectives from Wells Fargo are also available at
Wells Fargo Stories.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20191202005937/en/
Media Arati Randolph, (704) 383-6996
Arati.randolph1@wellsfargo.com
Mark Folk, (704) 383-7088 Mark.folk@wellsfargo.com
Investor Relations John Campbell, (415) 396-0523
John.m.campbell@wellsfargo.com
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