Wells Fargo & Company (NYSE:WFC) has named John Shrewsberry as the new chief financial officer (CFO), replacing Timothy Sloan, who will now head the wholesale banking division after its stellar performance. Wholesale banking Chief David Hoyt, 58 will bid adieu to the firm after 32 years of service.
“Today’s appointments represent a natural evolution of executive responsibilities,” Chief Executive Officer John Stumpf said in statement. “They also demonstrate the deep bench of high-calibre leaders at Wells Fargo.”
CEO praises new CFO
Shrewsberry is looking after Wells Fargo Securities division as of now, and will be appointed as the CFO on May 15 reporting directly to Stumpf, as stated by the bank.
Prior to the appointment, Shrewsberry had been heading investment-banking, capital markets, trading and research businesses since 2006, and also delivered his service while heading the Wells Fargo Commercial Capital. Sloan has been the CFO since 2011, according to a statement from the company.
Stumpf said that the company is elated to welcome Shrewsberry as the new CFO of Wells Fargo & Company (NYSE:WFC). According to Stumpf, Shrewsberry has a strong financial background of more than 20 years, and his leadership ability is well known. He has all the skills and abilities to lead Well Fargo’s established world-class finance team. He added that Shrewsberry has proved himself over and again as a talented member of the leadership team, and a strong partner to the finance team. Stumpf went on to say that John has a deep understanding of company’s financial and business operations, as well as shareholders expectations.
Wells Fargo capital plans In line with Feds standards
Wells Fargo & Company (NYSE:WFC) stood second, in the quantitative aspect of last week’s Federal Reserve stress test, and the capital plans were accepted without resubmitting the plan, which adds another feather in the achievements of Mr. Sloan, a simple and low-key executive, who prefers a rucksack over a briefcase.
The bank got authorization from the Federal Reserve to increase its dividend to 35 cents per share from 30 cents per share, and buy back up to 350 million shares, last week. Competitor Citigroup’s plan was written off once for some quantitative lacuna. Another two banks, Bank of America and Goldman Sachs were through only after resubmitting their plans.
On Tuesday, Wells Fargo & Company (NYSE:WFC) stock surged 3 cents to $49.77 in New York. Shares have added an impressive 35% since last year, outperforming the 30% increase of the 24 company KBW Bank Index.