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Charles Scharf: 10 Things to Know About the New Wells Fargo CEO

Scharf will takeover in October

Charles Scharf is taking over as the new President and CEO of Wells Fargo (NYSE:WFC).

Charles Scharf: 10 Things to Know About the New Wells Fargo CEO
Source: Ken Wolter / Shutterstock.com

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.


Article printed from InvestorPlace Media, https://investorplace.com/2019/09/new-wells-fargo-ceo-charles-scharf/.

©2019 InvestorPlace Media, LLC