John Stumpf
Encyclopedia
John Stumpf became Chairman for Wells Fargo & Company in January 2010. He 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 28-year veteran of the Wells Fargo, 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. 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.
In 1998, with the merger of Norwest Corporation and Wells Fargo & Company, he became head of the 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.
He serves on the Board of Directors for The Clearing House, the Financial Services Roundtable, Target Corporation
and Chevron Corporation
. He also serves on the Board of Trustees of the San Francisco Museum of Modern Art
.
A Pierz, 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
.
In 2010, Stumpf's total compensation was $17,568,387, with a base salary of $3,239,847, $3,300,000 in cash bonuses, $11,000,009 in stock granted, and $28,531 in other compensation.
In the political realm, Stumpf has been a member of the National Republican Congressional Committee
and the New Leadership for America Political Action Committee.
Chief executive officer
A chief executive officer , managing director , Executive Director for non-profit organizations, or chief executive is the highest-ranking corporate officer or administrator in charge of total management of an organization...
in June 2007, elected to Wells Fargo’s Board of Directors
Board of directors
A board of directors is a body of elected or appointed members who jointly oversee the activities of a company or organization. Other names include board of governors, board of managers, board of regents, board of trustees, and board of visitors...
in June 2006, and has been President
President
A president is a leader of an organization, company, trade union, university, or country.Etymologically, a president is one who presides, who sits in leadership...
since August 2005.
A 28-year veteran of the Wells Fargo, 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. 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.
In 1998, with the merger of Norwest Corporation and Wells Fargo & Company, he became head of the 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
First Security Corporation
First Security Corporation was a multistate bank holding company in the western United States, primarily in Utah, Idaho, New Mexico, Oregon, Nevada, and Wyoming...
, 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.
He serves on the Board of Directors for The Clearing House, the Financial Services Roundtable, Target Corporation
Target Corporation
Target Corporation, doing business as Target, is an American retailing company headquartered in Minneapolis, Minnesota. It is the second-largest discount retailer in the United States, behind Walmart. The company is ranked at number 33 on the Fortune 500 and is a component of the Standard & Poor's...
and Chevron Corporation
Chevron Corporation
Chevron Corporation is an American multinational energy corporation headquartered in San Ramon, California, United States and active in more than 180 countries. It is engaged in every aspect of the oil, gas, and geothermal energy industries, including exploration and production; refining,...
. He also serves on the Board of Trustees of the San Francisco Museum of Modern Art
San Francisco Museum of Modern Art
The San Francisco Museum of Modern Art is a modern art museum located in San Francisco, California. A nonprofit organization, SFMOMA holds an internationally recognized collection of modern and contemporary art and was the first museum on the West Coast devoted solely to 20th century art...
.
A Pierz, Minnesota
Pierz, Minnesota
As of the census of 2000, there were 1,277 people, 512 households, and 321 families residing in the city. The population density was 945.8 people per square mile . There were 522 housing units at an average density of 386.6 per square mile . The racial makeup of the city was 98.67% White, 0.39%...
native, he earned his bachelor’s degree in finance from St. Cloud State University
St. Cloud State University
St. Cloud State University is a four-year public university founded in 1869 on the banks of the Mississippi River in St. Cloud, Minnesota, United States. The university is the largest member of the Minnesota State Colleges and Universities system which is the largest single provider of higher...
, St. Cloud, Minnesota
St. Cloud, Minnesota
St. Cloud is a city in the U.S. state of Minnesota and the largest population center in the state's central region. The population was 65,842 at the 2010 census. It is the county seat of Stearns County...
and his MBA with an emphasis in finance from the University of Minnesota
University of Minnesota
The University of Minnesota, Twin Cities is a public research university located in Minneapolis and St. Paul, Minnesota, United States. It is the oldest and largest part of the University of Minnesota system and has the fourth-largest main campus student body in the United States, with 52,557...
.
In 2010, Stumpf's total compensation was $17,568,387, with a base salary of $3,239,847, $3,300,000 in cash bonuses, $11,000,009 in stock granted, and $28,531 in other compensation.
In the political realm, Stumpf has been a member of the National Republican Congressional Committee
National Republican Congressional Committee
The National Republican Congressional Committee is the Republican Hill committee which works to elect Republicans to the United States House of Representatives....
and the New Leadership for America Political Action Committee.