Wells Fargo Names Shrewsberry CFO as Sloan Gets Banking Post

Apr 01, 2014 5:17 pm ET

(Updates with share price in last paragraph.)

April 1 (Bloomberg) -- Wells Fargo & Co. named John Shrewsberry chief financial officer, succeeding Timothy Sloan, who takes over wholesale banking following a year of record profit at the biggest U.S. home lender.

Shrewsberry, 48, currently head of Wells Fargo Securities, will become CFO on May 15 and report to Chief Executive Officer John Stumpf, the San Francisco-based bank said today in a statement. David Hoyt, 58, wholesale banking chief, will retire after 32 years at the company, the firm said.

“Today’s appointments represent a natural evolution of executive responsibilities,” Stumpf, 60, said in the statement. “They also demonstrate the deep bench of high-caliber leaders at Wells Fargo.”

Shrewsberry has overseen the investment-banking, capital markets, trading and research businesses since 2006 and earlier served as head of Wells Fargo Commercial Capital, according to the statement. Sloan, 53, has been CFO since 2011, the firm said.

Wells Fargo gained 3 cents to $49.77 in New York. The shares have climbed 35 percent in the past year, outpacing the 30 percent advance of the 24-company KBW Bank Index.