Wells Fargo names new CEO

Wells Fargo names new CEO
© Greg Nash

Wells Fargo on Friday named Charles Scharf as its new CEO and president, more than six months after the resignation of Timothy Sloan, who held the same two positions.

Scharf will start in his new role on Oct. 21, the bank said in a statement.

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"Charlie is a proven leader and an experienced CEO who has excelled at strategic leadership and execution and is well-positioned to lead Wells Fargo’s continued transformation," said Betsy Duke, chairwoman of Wells Fargo's board.

Scharf added in his own statement that he was "honored and energized" to join the company after previously serving as CEO of Bank of New York Mellon.

"I have deep respect for all the work that has taken place to transform Wells Fargo, and I look forward to working closely with the board, members of the management team, and team members," he said. "I am committed to fully engaging with all of our stakeholders including regulators, customers, elected officials, investors, and communities."

Scharf's appointment comes after Sloan's March departure. Sloan had taken the helm in 2016, when the embattled lender faced historic fines and other consequences stemming from a scheme in which bank employees allegedly opened millions of bank accounts in customers' names without their consent, resulting in unnecessary fees for consumers.

"We have made progress in many areas and, while there remains more work to be done, I am confident in our leadership team and optimistic about the future of Wells Fargo," Sloan said in March. "However, it has become apparent to me that our ability to successfully move Wells Fargo forward from here will benefit from a new CEO and fresh perspectives."