""Wells Fargo"":http://www.wellsfargo.com announced late Tuesday that its CFO and senior EVP Howard I. Atkins has submitted his resignation. Timothy J. Sloan, the company's current chief administrative officer and a senior EVP, has been named its new CFO, effectively immediately.[IMAGE]
According to a statement from Wells Fargo, Atkins' resignation is ""unrelated to the company's financial condition or financial reporting."" The company says Atkins, who turns 60 this week, is retiring ""for personal reasons.""
Wells FargoÃ¢â‚¬â„¢s stock dropped nearly 3 percent Wednesday on news of AtkinsÃ¢â‚¬â„¢ unexpected departure.
Atkins joined Wells Fargo 10 years ago. His career in financial services spans more than four decades, including executive posts with New York Life Insurance Company, Midlantic Corporation (now part of PNCBank Corp.), and Chase Manhattan Bank. His AtkinsÃ¢â‚¬â„¢ retirement from Wells Fargo becomes effective in August, following an unpaid leave of absence he will begin immediately.[COLUMN_BREAK]
Ã¢â‚¬Å“[Atkins] tenure included Wells FargoÃ¢â‚¬â„¢s rise from a super-regional industry leader to the global company that it is today following its 2008 acquisition of Wachovia,Ã¢â‚¬Â said John Stumpf, the companyÃ¢â‚¬â„¢s chairman, president, and CEO. Ã¢â‚¬Å“He leaves behind a Wells Fargo that remains financially strong and wholly committed to its strategy of helping all its customers succeed financially.Ã¢â‚¬Â
Sloan has been with Wells Fargo for more than 23 years. Before becoming chief administrative officer last year, he served as head of commercial banking, real estate, and specialized financial services. In that role, Sloan oversaw more than 25 lines of businesses, including capital markets and investment banking operations Ã¢â‚¬" a portfolio of responsibility representing $200 billion in assets and 440 offices in 40 states, Asia, Canada. and London.
Ã¢â‚¬Å“Tim, our new CFO, inherits strong and talented finance teams,Ã¢â‚¬Â Stumpf said. Ã¢â‚¬Å“Tim is a strong leader and has demonstrated the kind of superior business and financial acumen that makes him uniquely qualified to be Wells FargoÃ¢â‚¬â„¢s next chief financial officer.Ã¢â‚¬Â
As CFO, Sloan assumes responsibility for leading the companyÃ¢â‚¬â„¢s financial management functions, its investment portfolios, and its corporate properties functions. He also will retain oversight of the companyÃ¢â‚¬â„¢s strategic planning activities.
SloanÃ¢â‚¬â„¢s chief administrative officer responsibilities are transitioning to Patricia Callahan, who leads the companyÃ¢â‚¬â„¢s Wachovia integration as head of the office of transition. Callahan has been promoted to senior EVP and will oversee corporate communications, human resources, corporate social responsibility, enterprise marketing, and government relations.