Wells Fargo & Co on Friday announced Charles Scharf, the CEO of Bank of New York Mellon, as its successor. The bank’s interim CEO Allen Parker will continue to serve the seat until Scharf joins on October 21, 2019.
Wells Fargo Board Chair Betsy Duke said, “I am delighted to welcome Charlie as our new CEO. 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. With more than 24 years in leadership roles in the banking and payments industries, including as CEO of Visa Inc. and Bank of New York Mellon, Charlie has demonstrated a strong track record in initiating and leading change, driving results, strengthening operational risk and compliance, and innovating amid a rapidly evolving digital landscape. Charlie’s financial and business acumen, integrity, passion for diversity and inclusion, and commitment to strong talent management are important qualities considered by our board’s search committee.”
Allen Parker, 64, was given the top job in March when former CEO Tim Sloan resigned abruptly. The reason cited for the sudden resignation was mounting pressure from politicians and regulators as a distraction in running the bank.
Charles Scharf, former CEO of Visa Inc., also serves on the board of Microsoft Corp.
Following the announcement, Scharf said, “I am honored and energized by the opportunity to assume leadership of this great institution, which is important to our financial system and in the midst of fundamental change. I have deep respect for all the work that has taken place to transform Wells Fargo, and I look forward to working closely with the board, members of the management team, and team members. I am committed to fully engaging with all of our stakeholders including regulators, customers, elected officials, investors, and communities.
Before joining Wells Fargo, Scharf was the managing director of One Equity Partners, the private investment arm of JP Morgan Chase & Co.