Wells Fargo & Co.'s consumer finance subsidiary said Friday that David C. Wood, its chairman and chief executive, will retire early next year.

The unit, Norwest Financial, will be run by executive vice president Thomas P. Shippee, who has been named acting president and chief operating officer of the unit. Mr. Wood will remain chairman while the company conducts an internal and external search for his successor.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.