The leadership roles at Wells Fargo (WFC) are being shuffling around as a top executives retire and others are promoted to fill in the holes.
After 32 years with Wells Fargo, Head of Wholesale Banking group David Hoyt announced that he is retiring. As a result, Timothy Sloan, the current chief financial officer and senior executive vice president, is stepping into Hoyt’s position.
In addition, John Shrewsberry, current head of Wells Fargo Securities and an executive vice president, will succeed Sloan as chief financial officer and become a senior executive vice president.
“Today’s appointments represent a natural evolution of executive responsibilities at our company,” John Stumpf, Wells Fargo’s chairman and CEO. “They also demonstrate the deep bench of high-caliber leaders at Wells Fargo and the value of rotating them into different roles to effect seamless leadership transitions.”
Hoyt managed the wholesale banking business for the past 16 years.
Before that role, he managed the capital markets group and the workout-related groups within the wholesale bank, as well as various functions relating to the overall credit quality of the bank’s portfolio.
Meanwhile, Sloan has been with the bank for 26 years and will continue to report to Stumpf. He will continue to serve on the company’s operating committee after he transitions to head of wholesale banking. Sloan has served as chief financial officer since 2011.