John Stumpf

John Stumpf

Stumpf in 2009
Born John Gerard Stumpf
(1953-09-15) September 15, 1953[1]
Pierz, Minnesota, U.S.
Residence San Francisco, California, U.S.
Citizenship American
Alma mater St. Cloud State University
University of Minnesota
Known for Former Chairman & CEO of Wells Fargo
Salary US$ 19.3 million (2014)[2]
Board member of The Clearing House, Financial Services Roundtable

John Gerard Stumpf (born September 15, 1953)[3] is an American business executive and retail banker. He is the former chairman and chief executive officer of Wells Fargo, one of the Big Four banks of the United States. He was named CEO in June 2007, elected to the board of directors in June 2006, and named president in August 2005. He became chairman in January 2010. On October 12, 2016, Stumpf announced his retirement as chairman and CEO of effective immediately, following increased pressure from the public, lawmakers and the overall controversy surrounding his company. He was succeeded by Timothy J. Sloan.

Early life

A native of Pierz, Minnesota, Stumpf grew up as one of 11 children on a dairy and poultry farm.[4] His father was a dairy farmer. His father is of German descent and his mother of Polish descent. He was raised as a Catholic.[5] Stumpf shared a bedroom with his brothers until he was married. Stumpf graduated in the bottom half of his high school class. His bad grades, combined with his limited family finances, resulted in Stumpf obtaining a job as a breadmaker in a Pierz bakery. After a year, Stumpf enrolled in St. Cloud State University on a provisional basis. He eventually obtained a job as a repossession agent at First Bank in St. Paul, Minnesota.[6]

Stumpf 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 Carlson School of Management.[7]

Career

In 1982, Stumpf joined Northwestern National Bank, the flagship bank of Norwest Corporation. He worked in the loan administration department and then became senior vice president and chief credit officer for Norwest Bank, N.A., Minneapolis. He held a number of management positions at Norwest Bank Minneapolis and Norwest Bank Minnesota before assuming responsibility for Norwest Bank Arizona in 1989. He was named regional president for Norwest Banks in Colorado/Arizona in 1991. From 1994 to 1998, he was regional president for Norwest Bank Texas. During his four years in that position, he led Norwest's acquisition of 30 Texas banks with total assets of more than $13 billion.[8]

Norwest merged with Wells Fargo in 1998. Although Norwest was the nominal survivor, the merged bank retained the Wells Fargo name. Stumpf became head of Wells Fargo's Southwestern Banking Group (Arizona, New Mexico and Texas). Two years later he became head of the new Western Banking Group (Arizona, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington and Wyoming). In 2000, he led the integration of Wells Fargo's acquisition of the $23 billion First Security Corporation, based in Salt Lake City. In May 2002, he was named Group EVP of Community Banking. In December 2008, he led one of the largest mergers in history with the purchase of Wachovia.[8]

In 2012, Stumpf's total compensation was $22.87 million with a base salary of $2.8 million, $3,300,000 in cash bonuses, $12.5 million in stock granted, and $15,000 in other compensation.[9][10]

Stumpf served as director of National Association since June 27, 2006 and a Member of Litigation Committee at Visa Inc.[11]

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.[12][13][14] 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.[15] 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.[16][17] Two days later, Stumpf again appeared before Congress, declaring his intent to forfeit at least $41 million in pay. He also testified that Wells Fargo will drop its sales incentive program by the end of the week.[18]

Stumpf stepped down as CEO and Chairman of the board on October 12, 2016.[19]

References

  1. ↑ U.S. Public Records Index, Vols. 1 & 2 (Provo, UT: Ancestry.com Operations, Inc.), 2010.
  2. ↑ , Wall Street Journal
  3. ↑ "Mr John Gerard Stumpf - Director at Wells Fargo Bank, National Association". DueDil. 2006-03-08. Retrieved 2015-08-01.
  4. ↑ "Wells Fargo is now the nation's biggest bank by market value". latimes. 2012-03-18. Retrieved 2015-08-01.
  5. ↑ "Wells Fargo CEO John Stumpf on Leadership, Corporate Citizenship, Sustainable Business & Accountability". DiversityInc. 2011-11-15. Retrieved 2015-08-01.
  6. ↑ "Wells Fargo: The Bank That Works". Forbes. 2012-01-25. Retrieved 2015-08-01.
  7. ↑ Wells Fargo Executive Officers, wellsfargo.com
  8. 1 2 "John G. Stumpf Biography – Chairman, President, and CEO – Wells Fargo". Wellsfargo.com. Retrieved 2015-08-01.
  9. ↑ 2011 CEO Compensation for John G. Stumpf, Equilar
  10. ↑ John Stumpf, Forbes
  11. ↑ "Executive profile: John Stumpf". Businessweek. Retrieved 1 March 2013.
  12. ↑ "Consumer Financial Protection Bureau Fines Wells Fargo $100 Million for Widespread Illegal Practice of Secretly Opening Unauthorized Accounts". Consumer Financial Protection Bureau. September 8, 2016. Retrieved September 20, 2016.
  13. ↑ "Wells Fargo boss urged to resign over accounts scandal". BBC News. September 20, 2016. Retrieved September 20, 2016.
  14. ↑ Bryan, Bob (September 20, 2016). "Wells Fargo's CEO just got grilled by the Senate". Business Insider. Retrieved September 20, 2016.
  15. ↑ Cowley, Stacy. "Wells Fargo's Reaction to Scandal Fails to Satisfy Angry Lawmakers". nytimes.com. The New York Times. Retrieved 30 September 2016.
  16. ↑ Glazer, Emily (2016-09-27). "Wells Fargo Board Actively Considering Executive Clawbacks". Wall Street Journal. ISSN 0099-9660. Retrieved 2016-09-27.
  17. ↑ "Wells Fargo may claw back some of CEO John Stumpf's compensation". Retrieved 2016-09-27.
  18. ↑ Cowley, Stacy (2016-09-29). "Wells Fargo's Reaction to Scandal Fails to Satisfy Angry Lawmakers". The New York Times. ISSN 0362-4331. Retrieved 2016-09-30.
  19. ↑ Glazer, Emily (2016-10-12). "Wells Fargo CEO John Stumpf Steps Down". Wall Street Journal. ISSN 0099-9660. Retrieved 2016-10-12.

External links

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