The Board of Directors of Wells Fargo has announced that Charles W. Scharf will become the company’s new CEO and president, and a member of the Board of Directors, effective October 21.
Wells Fargo Board Chair Betsy Duke said, “I am delighted to welcome Charlie as our new CEO. Charlie is a proven leader and an experienced CEO who has excelled at strategic leadership and execution and is well-positioned to lead Wells Fargo’s continued transformation.”
With more than 24 years in the banking and payments industries — including most recently holding the position of chairman and CEO of Bank of New York Mellon, and prior to that, CEO of Visa — Scharf has a proven track record of initiating and leading change, driving results, strengthening operational risk and compliance, and innovating amid a rapidly evolving digital landscape, noted Duke.
“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,” she said.
In March, the board appointed C. Allen Parker interim CEO and president and a member of the board. Parker will continue to serve in these roles until Scharf joins the company; Parker will thereafter return to serving as the company’s general counsel and remain a key member of the Wells Fargo leadership team.
Prior to his roles at BNY Mellon and Visa, Scharf held leadership positions at JPMorgan Chase, Bank One Corp, Citigroup, and Salomon Smith Barney.
Scharf will continue to be located in New York. He serves on the Board of Directors of Microsoft Corporation. Scharf is also a member of the Business Council, chairman of the New York City Ballet, and a member of the Board of Trustees for Johns Hopkins University.