Wells Fargo Picks Modjtabai to Lead Consumer Lending

Wells Fargo & Co. has named Avid Modjtabai the head of its restructured consumer lending organization.

Modjtabai (who was No. 16 in American Banker Magazine's 25 Most Powerful Women in Banking last year) had been the San Francisco company's chief information officer and head of technology and operations, where she led much of the tech integration following Wells' 2008 purchase of Wachovia. She has been succeeded in those jobs by Kevin Rhein, who previously led Wells Fargo's card services and consumer lending group. Both continue to report to John Stumpf, Wells' chief executive.

"As we enter the final stages of" the integration of Wachovia, "we are forming the leadership teams and organizations to help us thrive as we move forward," Stumpf said in a press release Tuesday. "Avid and Kevin established their leadership skills … during their Wells Fargo careers, making them ideal choices to assume key roles."

Mike Heid has been named the sole president of Wells Fargo Home Mortgage, reporting to Modjtabai. Heid had been co-president of the mortgage business with Cara Heiden, who plans to retire.