Dear team,
After nearly 35 years with Wells Fargo, I have decided to retire from the company, effective immediately.
I want to begin by thanking each and every one of you. Working alongside you has been a true privilege, particularly as we have led this business through many transformative periods and delivered strong and sustained performance that has earned us the admiration of our peers. Together, we have positively impacted the lives of millions of customers.
I never would have imagined leaving the company I care so deeply about under these circumstances, but it became increasingly clear to me in recent weeks that new leadership would be best positioned to guide Wells Fargo through this challenging period and to take the company into the future. So I have made this decision to help set the path forward.
Tim Sloan, who replaces me as chief executive officer, is the right person to lead Wells Fargo forward at this critical time. Tim has the character, institutional knowledge, and vision to restore the public’s trust in this great company we have all worked together to build. He also offers a fresh perspective, having risen primarily through the Wholesale Banking ranks. He’s also battle-tested, serving as our chief financial officer during the post-financial-crisis period’s toughest moments. And in barely a year’s time, he already has made moves that have strengthened the leadership of our Community Banking operations and positioned us to be a leading innovator inside and outside our industry. Tim also brings a global perspective to our business, one that will be increasingly important to the company in the years ahead.
Stephen “Steve” Sanger, who has been a member of our board since 2003, is replacing me as chairman. Steve brings more than 40 years of experience as a corporate leader and distinguished board member. His independent perspective and insight will add significant value in the months to come. The board also appointed Betsy Duke as its vice chair. Her years as a Federal Reserve governor make her an ideal leader to assume this important role.
For these reasons and many more, I depart Wells Fargo with great optimism. Why? Because as difficult as our challenges are at this moment, I have no doubt that you will continue to draw strength from the values that we have long shared: People as a Competitive Advantage, Ethics, What’s Right for Customers, Diversity and Inclusion, and Leadership. These are the values that define us. They were established long ago for moments precisely such as this — to guide, inspire, and challenge us to be the very best that our customers, investors, and communities expect us to be.