The appointment comes after a period of uncertainty around the CEO position at Wells Fargo. The bank is still recovering from a major scandal in 2016.
"Charlie's financial and business acumen, integrity, passion for diversity and inclusion, and commitment to strong talent management are important qualities considered by our board's search committee." Betsy Duke, Wells Fargo Board Chair, said in aShe added that Scharf has "demonstrated a strong track record in initiating and leading change, driving results, strengthening operational risk and compliance, and innovating amid a rapidly evolving digital landscape.
Scharf will also join Wells Fargo's board of directors. Prior to his tenure at BNY Mellon, he served as the CEO of retail financial services at JPMorgan Chase. At one point he was even thought to be a potential successor to Jamie Dimon. Scharf has also held top roles at Bank One Corp, Citigroup, and Salomon Smith Barney.
Wells Fargo's announcement comes after six months of uncertainty for the bank, which has struggled to fill the CEO position after its former leader, Tim Sloan, stepped down in March. Sloan had been tasked with fixing the situation left by his predecessor, former CEO John Stumpf.
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