Who will be Wells Fargo's next CEO?
Wells Fargo's board of directors will have to balance competing priorities during the pressure-packed search for the bank’s next CEO.
Improving the scandal-plagued bank’s relationship with Washington politicians and regulators appears to be a clear priority. But a deep understanding of the banking business and a vision for how to adapt to rapid technological change also seem likely to be prized.
Finding all of the key attributes in a single person — especially a person who wants the job — may prove challenging.
A newly formed search committee of the board met for the first time on Friday. The committee is being chaired by James Quigley, who joined Wells Fargo's board in 2013. The other members are Maria Morris, Ronald Sargent and Wayne Hewett, all of whom have been added to the board in the last two years.
The search for Tim Sloan’s permanent successor is expected to focus on outside candidates, even though general counsel C. Allen Parker has taken over the job on an interim basis.
“We're going to act with urgency, but we want to be thorough in our search and find the candidate that we think will best fit the objectives for Wells Fargo,” board Chair Elizabeth Duke said during a conference call Thursday.
Below is a look at five different types of CEO candidates that Wells Fargo might consider.