John Stumpf

John Stumpf was named Chief Executive Officer in June 2007, elected to Wells Fargo’s Board of Directors in June 2006, and has been President since August 2005. A 26-year veteran of the company, he joined the former Norwest Corporation (predecessor of Wells Fargo) in 1982 in the loan administration department and then became senior vice president and chief credit officer for Norwest Bank, N.A., Minneapolis. In May 2002, he was named Group EVP of Community Banking. He serves on the Board of Directors for The Clearing House, the Bay Area chapter of Junior Achievement, the San Francisco Committee on JOBS, the Financial Services Roundtable and The Carlson School of Management at the University of Minnesota. He also serves on the Board of Trustees of the San Francisco Museum of Modern Art and is a member of the California Business Roundtable. A Minnesota native, he earned his bachelor’s degree in finance from St. Cloud State University, St. Cloud, Minnesota and his MBA with an emphasis in finance from the University of Minnesota. A February 2016 announcement in an SCSU alumni newsletter bragged that "John Stumpf '76, president, chairman, and CEO of Wells Fargo, was named CEO of the Year by Morningstar". In September 2016, Wells Fargo was fined $100 million by the Consumer Financial Protection Bureau, $50 million by the Office of the Comptroller of the Currency and $35 million by the city and county of Los Angeles, for opening two million checking and credit-card bank accounts without the consent of its customers. He was grilled by angry lawmakers on Capitol Hill in hearings before the U.S. Senate Banking Committee as well as the House Financial Services Committee. On September 27, The Wall Street Journal reported that the board was considering cutting back on compensation for Stumpf and former retail banking head Carrie Tolstedt. Two days later, Stumpf again appeared before Congress, declaring his intent to forfeit at least $41 million in pay. Stumpf stepped down as CEO and Chairman of the board on October 12, 2016