Wells Fargo announced on November 17, 2015 that Mr. Timothy J. Sloan was promoted to the position of president and chief operating officer. The C.E.O of the American multinational banking and financial services company, Mr. John Stumpf, said during the official announcement that the promotion of Mr. Sloan was an imperative move in enhancing the company’s future viability. According to the Wall Street Journal, the C.E.O further added that as a leading multinational banking company, Wells Fargo needs to expand its business dynamics by appointing a qualified talent. For this reason, the company was pleased to appoint Mr. Sloan to his new position.
Timothy Sloan has been in Wells Fargo for 28 years. The company announced that Mr. Sloan will continue to oversee his previous position as the head of wholesale banking, even as he serves in his new position. According to the Wall Street Journal, Mr. Sloan, in his role as the head of wholesale banking was extremely influential in helping Wells Fargo acquire about $50 billion in assets from General Electric Co. Sloan’s experience as a top executive goes way back, having served in previous positions as the chief financial officer and chief administrative officer. In his statement, Mr. Stumpf asserted that Mr. Sloan was the perfect choice to drive accelerated business growth in a very competitive banking industry. The C.E.O also emphasized that the newly appointed president and chief operating officer was best suited to help the company’s customers to thrive financially.
It is reported that Mr. Sloan could eventually be an ideal successor to Mr. Stumpf. The current C.E.O has been in the company since 2007, and his efforts have brought tremendous growth in the company. Mr. Stumpf has maintained the focus of the multinational company in various strategic operations including retail banking, investment banking and mortgage lending. Top business observers believe that Mr. Sloan’s wealth of experience and expertise will position him strategically to take over from Mr. Stumpf. Wells Fargo is confident that Mr. Timothy Sloan will deliver as the president and chief operating officer.