San Francisco, Ca., USA - April 4, 2014, San Francisco, Ca., USA - Wells Fargo & Company announced that Timothy J. Sloan, the company’s current CFO and a senior executive vice president, will become head of the Wholesale Banking group, effective May 15, 2014.
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Mr. Sloan, a 26-year veteran of Wells Fargo, will serve on the company’s Operating Committee after he transitions to head of Wholesale Banking.
Mr. Sloan has served as chief financial officer since 2011.
Previously, he was Wells Fargo’s chief administrative officer and prior to that spent 22 years in the Wholesale Banking group including serving as head of Commercial Banking, Commercial Real Estate and Specialized Financial Services - operations that provided credit and non-credit services to customers worldwide.
Mr. Sloan will succeed David A. Hoyt, a 32-year veteran of the company who has decided to retire after a long, successful career at Wells Fargo.
Mr. Hoyt will continue in his role until May 15, 2014, and will remain with the company until June 30, 2014, to help with the transition of responsibilities.
Mr. Hoyt has managed the Wholesale Banking business for the past 16 years.
Previously, he managed the Capital Markets group and the workout-related groups within the Wholesale Bank, as well as various functions relating to the overall credit quality of the bank’s portfolio.
Mr. Hoyt also was senior credit officer for the Real Estate group, manager of the bank’s credit training function, and manager of the East Bay office of the Real Estate group.
John R. Shrewsberry, current head of Wells Fargo Securities and an executive vice president, will succeed Mr. Sloan as chief financial officer and become a senior executive vice president, also effective May 15, 2014.
He will serve on the company’s Operating Committee.
Mr. Shrewsberry is currently head of Wells Fargo Securities, with responsibility for investment banking, capital markets, trading and investment research businesses, and has led related businesses since 2006.
Prior to assuming this position, he served as head of Wells Fargo Commercial Capital, the successor to a commercial finance company he co-founded that became part of Wells Fargo in 2001.
Mr. Shrewsberry currently is a member of the market risk committee, the enterprise risk management committee, and the firm's management committee. ■