Wells Fargo & Co. has announced in a press release that it has named Timothy J. Sloan, a 28-year company veteran, to be the president and COO, effective immediately.
The move makes Sloan the likely successor to Wells Fargo chairman and CEO John G. Stumpf, who is 62-years-old.
Stumpf said in the press release that the appointment of Sloan is the ideal choice for the company as they "prepare for Wells Fargo's future."
"Tim has been a go-to leader throughout the post-financial crisis period and our historic Wachovia merger, having served as our CFO and CAO, and leading top businesses and organizations," he said.
He adds in the press release that Sloan is the ideal choice to "lead one of the best teams in banking as they accelerate investments and drive change that position's" the company for growth.
"He has earned the respect of his peers and our stakeholders by demonstrating his passion for putting customers first and for the kind of relationship-building that has been a hallmark of Wells Fargo's finest leaders," he said.
The Wall Street Journal adds people familiar with the matter said that the appointment of Sloan wasn't a surprise to anyone inside and outside Wells Fargo.
Sloan has been considered a front-runner since he was moved to be the head of the wholesale banking group last year.
The Wall Street Journal adds that as head of the wholesale banking group, Sloan was a key player in Wells Fargo's acquisition of about $50 billion in assets from General Electric Co (GE).
People familiar with the deal said that Sloan was the first person that the Blackstone Group LP called about jointly bidding the bank's first GE deal.
The Wall Street Journal adds that under Wells Fargo's rules, senior executives must retire by December 31 of the year in which they turn 65.
This rule will not be implemented if the board's human resources committee deems that it is in the best interest of the company for the executive to continue working past that age.
The Wall Street Journal adds that Sloan, 55, is roughly seven years younger than Stumpf.
Wells Fargo said in the press release that Sloan would still report directly to Stumpf.
