Pierz native Stumpf promoted

Minnesotan named Wells Fargo CEO

Excerpt:

SAN FRANCISCO -- Banking and financial services company Wells Fargo & Co. today named John G. Stumpf, its president and chief operating officer, as chief executive effective immediately.

Stumpf, 53, a native of Pierz, Minn., will retain the title of president. He replaces Dick Kovacevich, who will remain chairman. Kovacevich plans to remain with the company no later than the end of next year, when he will be 65.

"I appreciate the confidence the board has placed in me and I look forward to working with all of our team as 'one Wells Fargo' to continue building a culture of collaboration that, instinctively and naturally, puts what is best for the customer first and then exceeds customer expectations," Stumpf said in a news release.

Comment: Long awaited and expected. NYTimes reports