Wells Fargo & Co. has named Charles W. Scharf as its new president and CEO, effective Oct. 21. He will also become and a member of the company’s board of directors.
Scharf was chairman and CEO of Bank of New York Mellon. Earlier in his career, he was CEO of Visa Inc., managing director of One Equity Partners, CEO of Retail Financial Services at JP Morgan Chase and CEO of the retail division of Bank One Corp. He also held Chief Financial Officer positions at Bank One Corp., the Global Corporate and Investment Bank division at Citigroup and Salomon Smith Barney.
Scharf will continue to be located in New York City; Wells Fargo is headquartered in San Francisco. He replaces Timothy J. Sloan, who resigned in March.