Wells Fargo & Company (NYSE: WFC) announced the appointment of Charles W. Scharf as the new Chief Executive Officer and President, effective October 21. Mr. Scharf has also been named as a member of the company’s Board of Directors.
Mr. Scharf was previously Chairman and CEO at Bank of New York Mellon and he has also worked at Visa Inc. and JP Morgan Chase & Co. He takes over his new role from C. Allen Parker, who was appointed interim CEO and President in March, following the abrupt exit of Tim Sloan.
Mr. Parker will continue in his current role until Mr. Scharf joins the company and thereafter help in achieving a smooth transition.
Wells Fargo Board Chair Betsy Duke said, “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.”
Wells Fargo has struggled in recent years with scandals over fake bank accounts and other legal issues. The bank has been under the regulatory radar and is trying to get its affairs in order.
Shares of Wells Fargo gained over 4% in morning trade on Friday. The stock has climbed over 10% year-to-date.