Editor’s Note: The following message from interim CEO and President Allen Parker was emailed to all Wells Fargo team members on March 28, 2019.
Today is my first day as interim CEO and president of Wells Fargo, and I would very much like to thank Tim Sloan for his hard work and dedication to Wells Fargo over his 31-year career. As CEO, Tim has worked tirelessly for all our stakeholders in the best long-term interest of the Company. His decision, and today’s announcement, reflect that commitment and his belief that a new CEO at this time will best position the Company for success.
I have been at Wells Fargo for two years, and I have enjoyed getting to know this team. I have been deeply impressed with your commitment and hard work to move this great company forward and to build an even stronger foundation for the future. I look forward to working with you to continue this progress and path forward.
As you are aware, given the ongoing work to address issues of the past, the Wells Fargo Board of Directors has decided that seeking a new CEO from outside the Company is the best way to integrate outside experience and insight with the significant ongoing changes at Wells Fargo. The Board has formed a search committee, and work soon will be underway to find the right external CEO candidate.
During this transition period, the Company’s leadership team and I will work closely with the Board to continue moving forward on Wells Fargo’s goals and commitments. We have an incredible leadership team and a very strong and committed Board.
In addition, given my transition to interim CEO, Deputy General Counsel Doug Edwards will serve as interim General Counsel, effective immediately. A 24-year company veteran, Doug most recently oversaw the Legal Department’s Global Commercial and Securities Division.
Clearly today’s news represents significant change. But what is not changing is our vision and steadfast focus on helping our customers. Wells Fargo’s financial strength, vast array of financial services, and diversified business model enable us to bring outstanding value to the customers and communities we serve.
Our Board Chair Betsy Duke, Tim, and I will conduct a live, virtual CEO Town Hall for all team members on Friday, March 29, at 10 a.m. Pacific time (1 p.m. Eastern time).
Together we are building the Wells Fargo of the future, one that will emerge as the most customer-focused, efficient, and innovative Wells Fargo ever — characterized by an unsurpassed financial foundation, a leading presence in the markets we serve, focused growth within a responsible risk framework, operational excellence, and highly engaged team members.
Thank you again for your support and your continued hard work and dedication.