Charles Scharf is taking over as the new President and CEO of Wells Fargo (NYSE:WFC).
Here’s what to know about the new Wells Fargo CEO.
- Charles Scharf will be taking over as the new CEO of Wells Fargo starting on Oct. 21, 2019.
- This will also have him becoming the company’s President and joining its Board of Directors at the same time.
- That will have him taking over these roles from C. Allen Parker, who is serving in them temporarily while a search for a permanent replacement was underway.
- Parker will also be sticking around to assure that there is a smooth transition between him and the new Wells Fargo CEO.
- Prior to agreeing to take in this role at WFC, Scharf was the Chairman and CEO of Bank of New York Mellon (NYSE:BK).
- His history also includes serving as the CEO of Visa (NYSE:V) for a time.
- Before this, he was the Managing Director of One Equity Partners, which is JP Morgan Chase’s (NYSE:JPM) private investment arm.
- His time with JPM also saw him serving as the CEO of its Retail Financial Services business.
- In total, Scharf is bringing 24 years of leadership experience in the banking and payments sector with him to Wells Fargo.
- He’s also a member of the Board of Directors at Microsoft (NASDAQ:MSFT).
You can follow this link to learn more about the new Wells Fargo CEO Charles Scharf.
WFC stock was up 4% as of Friday afternoon and is also up 4% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.