Categories Finance

Wells Fargo appoints Charles Scharf as its new chief

Wells Fargo & Company (NYSE: WFC) announced the appointment of Charles W. Scharf as the new Chief Executive Officer and President, effective October 21. Mr. Scharf has also been named as a member of the company’s Board of Directors.

Mr. Scharf was previously Chairman and CEO at Bank of New York Mellon and he has also worked at Visa Inc. and JP Morgan Chase & Co. He takes over his new role from C. Allen Parker, who was appointed interim CEO and President in March, following the abrupt exit of Tim Sloan.

Wells Fargo Q1 2019 earnings
Source: Photo by Erol Ahmed on Unsplash

Mr. Parker will continue in his current role until Mr. Scharf joins the company and thereafter help in achieving a smooth transition.

Wells Fargo Board Chair Betsy Duke said, “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.”

Also read: Wells Fargo Q2 2019 Earnings Report

Wells Fargo has struggled in recent years with scandals over fake bank accounts and other legal issues. The bank has been under the regulatory radar and is trying to get its affairs in order.  

Shares of Wells Fargo gained over 4% in morning trade on Friday. The stock has climbed over 10% year-to-date.

Follow our Google News edition to get the latest stock market, earnings and financial news at your fingertips.

Most Popular

Does Unity Software (U) stock has more room to run?

Last month, the IPO market was in a full swing. IPOs of Snowflake (NYSE: SNOW) and JFROG (NASDAQ: FROG) had an impressive opening day in September, the former creating a

PepsiCo (PEP): Steady snacking habits amid pandemic drive strong quarter for beverage giant

PepsiCo Inc. (NASDAQ: PEP) beat market expectations on both revenue and earnings for the third quarter of 2020. The company saw the momentum continue in its snacks business while the

Does the virus-driven boom make Electronic Arts (EA) a good investment?

With more and more people turning to virtual entertainment sources, amid the virus-related movement restrictions, video game publishers like Electronic Arts (NASDAQ: EA) are witnessing unusually high demand. Not surprisingly,

2 thoughts on “Wells Fargo appoints Charles Scharf as its new chief

Comments are closed.

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top