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Rating:Evergreen to Fall Within Hoyt's Ambit Not Rated 0.0 Email Routing List Email & Route  Print Print
Friday, November 14, 2008

Evergreen to Fall Within Hoyt's Ambit

Reported by Armie Margaret Lee

Wells Fargo senior executive vice president Dave Hoyt, who heads up the wholesale banking group, will oversee Evergreen Investments as part of his expanded duties when Wells Fargo's purchase of Wachovia closes, according to an internal announcement by Wells Fargo CEO John Stumpf on Thursday.

The deal is expected to close before the year ends.

"Other Wachovia business segments that will report into Hoyt’s organization will include the Commercial Banking and Government Banking segments of the General Bank, Evergreen, and the Insurance Brokerage business," the memo read (see the full announcement below).

Hoyt, a 27-year company veteran, currently oversees Wells' asset management, commercial banking and insurance services businesses, among others.
Wells Fargo announcement

CEO Stumpf announces direct reports for combined company after Wachovia merger
Stumpf: "First major step in taking full advantage of the complementary strengths, economies of skill and scale, and leadership talent of our combined companies"

President and CEO John Stumpf today announced the new organization structure and his direct reports for the combined company after the merger with Wachovia Corporation scheduled by the end of next month.

"This new organization structure is our first major step in taking full advantage of the complementary strengths, economies of skill and scale, and leadership talent of our combined companies," said Stumpf. "It’s also the structure on which we’ll base many more announcements in the very near future on the direct reporting relationships to these leaders representing talent from both companies.

"I want to assure all team members that we’re making these decisions thoughtfully and deliberately, understanding every geography, business and function, respecting organizational differences, and that every decision we make will be anchored to our Vision & Values, and what’s in the best interest of team members, customers, communities and shareholders of both companies. Our goal is to integrate the cultures of our two companies as smoothly, effectively, and quickly as possible so we can minimize team member and customer disruption, satisfy all our customers’ financial needs and help them succeed financially, and build the world’s premier financial services company."

Business Group heads reporting to Stumpf:

Wholesale Banking

Dave Hoyt, Senior EVP. In addition to his current Wells Fargo responsibilities he will be responsible for those businesses in the Corporate and Investment Banking group at Wachovia including Global Markets and Investment Bank, Global Capital Finance, Global Financial Institutions and Trade Services, and Treasury Services. The Capital Partners business will report to Howard Atkins. Other Wachovia business segments that will report into Hoyt’s organization will include the Commercial Banking and Government Banking segments of the General Bank, Evergreen, and the Insurance Brokerage business. Hoyt is a 27-year Wells Fargo veteran, formerly managed the Capital Markets Group, and managed various functions relating to the credit quality of the bank’s portfolio. He was senior credit officer for the Real Estate Group, manager of the bank’s credit training function, and manager of the East Bay office of the Real Estate Group.

Community Banking

Carrie Tolstedt, Senior EVP. She will be responsible for the combined Wells Fargo-Wachovia Community Banking presence in 39 states and the District of Columbia and Business Banking, ATMs, Internet Services Group, Phone Banks, Enterprise Marketing, Consumer and Small Business Deposits, Home Equity, Business Direct, Business Payroll Services, Merchant Payment Solutions, Small Business Segment, SBA Lending, Business Banking Support Group, and Auto. With more than 20 years experience in financial services, she was named a Senior EVP in 2007, a Group EVP in 2001, and was a regional president for Central California 1998-2001. From 1995 to 1998 she was with FirstMeritCorporation of Akron, Ohio. She joined Norwest in 1986 in Nebraska and was in Corporate Banking, Loan Administration, led Downtown Omaha Retail banking and Nebraska’s sales development and marketing.

Wealth Management, Brokerage and Retirement Services

David Carroll, Senior EVP. He will be responsible for Wealth Management including Brokerage Services and Wachovia Securities, Investment Management, Retirement Services (including the combined institutional retirement recordkeeping businesses), Trust and Estate Services, and Private Banking. He joined Wachovia’s predecessor, First Union, in 1981 and has led Wachovia’s Capital Management Group since January 2005. He led several businesses and groups at Wachovia, including Corporate Services and Merger Integration, Marketing and Mortgage; eCommerce and technology, and General Banking Groups in Florida, Georgia, South Carolina and Virginia.

Wells Fargo Home and Consumer Finance

To prepare for the Wells Fargo-Wachovia merger and the previously announced retirement of Mark Oman by the end of next year, Wells Fargo Financial will begin reporting to Kevin Rhein immediately and Rhein will transition from Oman to become a direct report of Stumpf after the merger.

Mark Oman, Senior EVP, and head of Wells Fargo’s Home and Consumer Finance Group (HCFG) including Wells Fargo Home Mortgage, Wachovia’s Pick-A-Pay Portfolio and HCFG functions supporting both Oman and Kevin Rhein’s business units. Oman began his career in accounting at Deloitte, Haskins and Sells, and joined Norwest Corporation in 1979 at Dial Finance (acquired by Norwest in 1982). In 1985, he joined Norwest Home Mortgage and held a number of senior positions until 1989 when he was named president and CEO. He was named a group head in 1997 with responsibility for a variety of businesses.

Kevin Rhein, EVP, Card Services and Consumer Lending including Wells Fargo Financial, Credit Card, Debit Card Management, Personal Credit Management, Global Remittance Services, and Education Finance Services. He is a 30-year veteran in financial services. Before joining the former Norwest in 1993, he spent 15 years with Citibank/Citicorp as director of retail banking, director of retail branch operations at Citibank Arizona, and regional director for Citicorp Mortgage.

Staff functions reporting to Stumpf:

Howard Atkins, Senior EVP, Chief Financial Officer (Finance, Controllers, Treasury, Corporate Development, Investment Portfolio Group, Investor Relations, Corporate Properties, Norwest Equity Partners, Norwest Venture Partners). He also will be responsible for Wachovia’s Investment Portfolio including Wachovia’s Capital Partners business. A 32-year veteran of the industry, he joined Wells Fargo in 2001. He was EVP and CFO of New York Life Insurance Company and, before joining New York Life in 1996, was CFO at Midlantic Corporation before its merger with PNCBank Corp. He helped oversee Midlantic’s financial restructuring, taking the company from near bankruptcy to one with among the best operating margins, productivity and capital ratios in U.S. banking. He also spent 17 years at Chase Manhattan Bank, where he was Corporate Treasurer and spent four years in Europe responsible for Chase’s foreign exchange and capital markets business.

Avid Modjtabai, EVP, Technology and Operations (hosting services, application development and support, information management, network services, end user support, messaging, enterprise architecture, Electronic Services, Enterprise Payment Operations, Operations Development, Operations Services, Cash Vault, Lockbox & Treasury Management Operations, Debit Card Operations, Deposit Operations, and Deposit Risk Operations). She assumed her current role in 2007. A 14-year veteran of Wells Fargo, she has been head of Corporate Human Resources, Internet Services, Online Personal Financial Services (consumer and online brokerage) and the Enterprise Internet Services Group. She also was in Consumer Deposits, the Investment Group, and Corporate Strategy. She joined Wells Fargo from McKinsey & Company, where she focused on strategy initiatives in financial services.

Among those reporting to Modjtabai will be:

Jerry Enos, head of Wachovia’s Operations and Technology Group. He has been with Wachovia 26 years and in his current role since 2006. He was head of the Operations Division, head of Enterprise Support Services, and regional leader of the Retail Banking, Sales and Service Departments based in Greensboro and Charlotte.

Diana Starcher, currently head of Wells Fargo’s Customer Service, Sales & Operations (CSSO). Her Wells Fargo career spans more than 25 years including 18 in operations management. She has led Consumer Lending, the Payment System Services Group, Northwest Regional Payment Systems, Consumer Loan Project, Consumer Loan Services, and Texas Regional Item Processing.

Pat Callahan, EVP, head of the Office of Transition for the Wells Fargo-Wachovia merger. She is a 31-year veteran of the company, head of the Social Responsibility Group, and formerly head of Compliance and Risk Management, and head of Human Resources after the Norwest-Wells Fargo merger in 1998. Before that she was head of Wholesale Banking Systems, Finance and Operations and head of Human Resources from 1993 to 1997. She began her banking career at Crocker National Bank and held various management positions in operations, finance and commercial real estate. When Crocker merged with Wells Fargo, she became division manager of Wholesale Operations and Systems and served on the company’s Corporate Responsibility Committee. In 1991, she assumed responsibility for systems, operations and finance for the Real Estate Group.

Among those reporting to Callahan will be:

Larry Haeg, EVP, Corporate Communications. He joined the former Norwest Corporation as vice president of corporate communications in 1989, was named senior vice president in 1993 and an EVP in 1998 after the Norwest-Wells Fargo merger in 1998. Before joining Norwest he was director of public relations for four years for The Pillsbury Company, based in Minneapolis, and was in news, programming and public affairs for 14 years with WCCO Radio, the CBS affiliate in Minneapolis-Saint Paul.

Julie White, EVP, Wells Fargo’s Corporate Human Resources since May 2007. She joined the Corporate Human Resources team of the former Norwest in 1986 as a learning-and-development consultant and later managed a spectrum of human resource, learning and communication functions in technology and bank operations. She was head of Human Resources for Wells Fargo’s Home and Consumer Finance Group and led Human Resources for Norwest Corporation’s Services Company. Before joining Norwest, she was a training manager with CENEX, now the energy brand of CHS Inc., a Fortune 500 company. Also reporting to Callahan will be the position of head of Corporate Social Responsibility.

Laura Schupbach, head of Enterprise Expense Management and manager of the Merger Project Office. She’s a 12-year veteran of the company and has been head of Enterprise Expense Management for a year. She was named head of finance for the Wholesale Banking Group in 2004. In 2000 she managed the finance transition for Wells Fargo’s acquisition of First Security and then became head of finance for the Diversified Products Group. In 1998, she was named Finance Officer of Western Banking, an eight-state regional banking group. She joined Wells Fargo’s predecessor, the former Norwest Corporation, in 1995 as a finance manager for the Greater Colorado Region. She began her banking career in 1985 with Summit Bancorporation in New Jersey.

Jim Strother, EVP, General Counsel, including Government Relations. He has been in his current role since 2003. He was named deputy general counsel in 2001 and was EVP, General Counsel and Secretary of Wells Fargo Home Mortgage 1998-2001. He was Vice President and Assistant General Counsel of Norwest Corporation, Wells Fargo’s predecessor company, joined Norwest in 1986 as Counsel was named Assistant General Counsel in 1989.

Mike Loughlin, EVP, Chief Risk and Credit Officer, including compliance and risk management. He has been Chief Credit Officer since late 2005 and in 2007 was given added responsibility for compliance and risk management. He had responsibility for credit approval, policy and reporting for Wholesale Banking. He joined the company in 1986 after Wells Fargo acquired Crocker Bank. Before being named head of credit for Wells Fargo Wholesale Banking, he led private banking business of Private Client Services, headed systems and operations for Wholesale Banking, and was head of U.S. Corporate Banking and Regional Vice President in the Santa Clara Valley Regional Commercial Banking Office.

Kevin McCabe, EVP, Chief Auditor. He joined Wells Fargo as Chief Auditor in 2003 and has 31 years of public accounting and financial services industry experience. From 1999 to 2002, he was the European Chief Auditor at Citigroup. Before that he had audit roles as Managing Director at SalomonSmithBarney in Europe, Solomon Brothers in Hong Kong, Bankers Trust Company in Asia and New York. He began his career at Coopers & Lybrand in audit services.

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