Danny Ludeman, the head of Wells Fargo & Co (NYSE:WFC) Advisors, is going to retire from his position effective January 1, according to a release from the company. Ludeman will be replaced a the head of the brokerage firm by Mary Mack, who currently serves as the head of the Wells Fargo Advisors Financial Services Group.
“Under Danny’s leadership, we have created a premier brokerage and advisory firm whose success is based on offering clients advice and planning through multiple channels – in brokerage offices, retail bank stores, or online,” said David M. Carroll, head of Wells Fargo & Co (NYSE:WFC)’s Wealth, Brokerage and Retirement business.
Ludeman was the head of Wachovia, the company that became Wells Fargo Advisors when it was purchased by the bank back in 2008. The firm manages more than $1 trillion in assets and employs more than 15,000 advisors around the world. Ludeman had served at the head of Wachovia for the decade prior to the merger.
Before Ludeman became head of Wachovia, he worked in executive positions at Wheat First Securities, which was ultimately acquired by Wachovia. Ludeman’s career has spanned more than thirty years. The press release concerning his resignation also spoke highly of his involvement in charity and community organizations.
Wells Fargo Advisors
Wells Fargo & Co (NYSE:WFC) Advisors has been growing massively while Ludeman has been at the helm. Wells Fargo Advisors traces its origins back to the late 19th century, but only became part of the investment bank in 2008. It’s growth under the rule of Ludeman has been remarkable.
Mary Mack, who will succeed Ludeman directly, has served at the company for 28 years. “I am confident Mary has the right mix of experience, vision, and energy to lead our advisors in continuing to help our clients succeed financially,” said a statement from the company about the succession plans.