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Wells Fargo Names Banking Veteran Charles Scharf As President, CEO

Tanzeel Akhtar

Wells Fargo & Co (NYSE: WFC) said Friday that it's naming Charles Scharf as CEO and president effective Oct. 21.

Scharf was previously chairman and CEO of Bank of New York Mellon Corp. (NYSE: BK).

The exec has worked more than 24 years in the banking and payments industries.

Scharf has also held the position of CEO of Visa Inc (NYSE: V); managing director of One Equity Partners, the private investment arm of JPMorgan Chase & Co (NYSE: JPM); CEO of retail financial services at JPMorgan Chase; and CEO of the retail division of Bank One Corp.

In March, the Wells Fargo board appointed Allen Parker as interim CEO and president and a member of the board. Parker will continue in these roles until Scharf joins the company.

“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," Betsy Duke, chair of the Wells Fargo board, said in a statement.

Wells Fargo shares were trading up 2.93% to $50.30 in Friday’s premarket session. The stock has a 52-week high of $55.04 and a 52-week low of $43.02.

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