Perry Pelos to Retire from Wells Fargo; Kyle Hranicky to Become CEO of Commercial Banking and Join the Company’s Operating Committee
September 03 2021 - 12:15PM
Business Wire
Wells Fargo & Company (NYSE: WFC) announced today that Perry
Pelos will retire from the company in April 2022 and that Kyle
Hranicky, Head of Middle Market Banking, will succeed Perry as CEO
of its Commercial Banking segment, effective immediately. Hranicky
will report to CEO Charlie Scharf and serve on the company’s
Operating Committee. Pelos will transition to an advisory role
until his retirement.
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Kyle Hranicky (Photo: Wells Fargo)
Pelos plans to retire following a successful 35-year career with
Wells Fargo. He has been in his current role since 2016 and first
joined the company in 1987 as part of the Commercial Banking
training program. He has held a number of roles within the company,
including as Head of Wholesale Banking, as well as leadership roles
across its Commercial Banking businesses, including Head of Middle
Market Banking.
“On behalf of the entire management team, I thank Perry for his
many years of service with the company and the contributions he’s
made along the way. He is a terrific business leader and has been
an important partner to me. He has been an especially strong voice
on the Operating Committee, and his common-sense approach to
business and willingness to deal with difficult issues will be
missed,” said Scharf.
Pelos said: “It’s been a privilege spending my entire career
with Wells Fargo, and I’m proud to have led the Commercial Banking
team these last five years. We’ve done meaningful work – including
seeing the Office of the Comptroller of the Currency terminate a
2015 Consent order related to Wells Fargo’s Bank Secrecy
Act/Anti-Money Laundering compliance program.”
He continued: “We have a talented leadership team with a strong
client focus, and Kyle has the vision and team support to build on
our foundation for future success. This was the right time for my
family and me to make this decision, and for the company to make a
leadership change. The Commercial Banking team will be in great
hands with Kyle.”
Hranicky is currently the Head of Middle Market Banking and a
member of the Wells Fargo Management Committee. He has held a
number of roles throughout his 26-year career at Wells Fargo. He
was Head of the Corporate Banking group, led the Energy Group, and
also was a manager in the Loan Syndications Group originating and
structuring syndicated loans. Kyle started his career with Wells
Fargo as an analyst in the Commercial Banking business.
“Wells Fargo’s Commercial Banking is a strong franchise today,
and I’m honored to lead this market-leading team of bankers,” said
Hranicky. “I believe we have a significant opportunity to grow and
continue to improve the business, and I will work closely with
Perry during this transition to ensure we focus on our key
strategic priorities so we can stay nimble, adapt to ongoing market
changes, and make sure our business is structured in the future to
accomplish these objectives.”
Scharf said: “Kyle’s broad experience in Commercial Banking and
his longstanding relationships with Wells Fargo clients and
colleagues will serve him well as head of the business. He’s built
a strong track record during his time at Wells Fargo, and I know
he’ll bring both consistency and fresh perspective to the
role.”
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a leading financial
services company that has approximately $1.9 trillion in assets,
proudly serves one in three U.S. households and more than 10% of
small businesses in the U.S., and is the leading middle market
banking provider in the U.S. We provide a diversified set of
banking, investment and mortgage products and services, as well as
consumer and commercial finance, through our four reportable
operating segments: Consumer Banking and Lending, Commercial
Banking, Corporate and Investment Banking, and Wealth &
Investment Management. Wells Fargo ranked No. 37 on Fortune’s 2021
rankings of America’s largest corporations. In the communities we
serve, the company focuses its social impact on building a
sustainable, inclusive future for all by supporting housing
affordability, small business growth, financial health, and a
low-carbon economy. News, insights, and perspectives from Wells
Fargo are also available at Wells Fargo Stories.
Additional information may be found at
https://www.wellsfargo.com/ | Twitter: @WellsFargo.
News Release Category: WF-LO
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version on businesswire.com: https://www.businesswire.com/news/home/20210903005043/en/
Media Matt Hurwitz, 415-297-4199
matthew.s.hurwitz@wellsfargo.com
Investors John Campbell, 415-396-0523
john.m.campbell@wellsfargo.com
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