Wells Fargo head of Home and Consumer Finance Group to retire
Senior Executive Vice President of Wells Fargo (WFC) Mark Oman will retire before the end of this year, according to a filing with the Securities and Exchange Commission Friday. Oman also served as head of Wells Fargo's Home and Consumer Finance Group. He joined the banking giant in 1979, holding a number of senior management positions before his current tenure. Oman previously had the intention to retire in August of 2008, but president and CEO of Wells John Stumpf convinced him to delay. Stumpf said he needed Oman to lead the integration of Wachovia into Wells Fargo operations after the companies merged in the fall of 2008. "Now that the combined mortgage businesses are completely integrated and achieving record levels of market share, and the Pick-A Payment loan portfolio is outperforming expectations, Mark will be able to enjoy the retirement he has planned for so long and he so well deserves," Stumpf commented. Oman bid a good farewell in a public statement. "Our team, and Wells Fargo overall, is blessed with some of the most extraordinary leaders in the financial services industry," Oman said. "With today’s announcement of my retirement by the end of the year, I will have the opportunity to work with John and the rest of Wells Fargo’s leadership team to ensure a smooth and seamless transition of my responsibilities." Wells Fargo recently reported its first quarter income, earning $3.8 billion, or 67 cents a share, up 48% from one year earlier. Write to Christine Ricciardi. Follow her on Twitter @HWnewbieCR.