Wells Fargo Banks Executives – Flashcards

Who's this?

Mr. Stumpf has served as our Chairman since December 2009, Chief Executive Officer since June 2007, and as our President since August 2005. He also served as our Chief Operating Officer from August 2005 to June 2007, and as Group Executive Vice President, Community Banking from July 2002 to August 2005.

A Pierz, Minnesota native, Stumpf grew up as one of 11 children on a dairy and poultry farm.[1] His father was a dairy farmer. 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 reposession agent at First Bank in St. Paul, Minnesota.

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 University of Minnesota.

Stumpf joined Northwestern National Bank, the former Norwest Corporation and 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.[4] 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.

Stumpf 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.

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. Salary $3,239,847.00 Bonus $0.00 Restricted stock awards $11,000,009.00 All other compensation $28,531.00 Option awards $0.00 Non-equity incentive plan compensation $3,300,000.00 Change in pension value and nonqualified deferred compensation earnings $1,405,335.00 Total Compensation $18,973,722.00

Equity Vesting $74,430 (WFC) 1/2/11 New Equity Award $75,024 (WFC) 1/12/11 New Equity Award $108,292 (WFC) 1/12/11 New Equity Award $766,676 (WFC) 2/22/11

Total: $79,079,207 Equity Holdings: $62,803,392 Pension Balance: $14,051,663 Deferred Comp. Balance: $2,224,152

In the political realm, Stumpf has been a member of the National Republican Congressional Committee and the New Leadership for America Political Action Committee.

Who's this?

David Hoyt is senior executive vice president and head of the Wholesale Banking Group for Wells Fargo & Company. He oversees Asset Management, Investment Banking & Capital Markets; Commercial Real Estate; Commercial Banking; Corporate Banking; Environmental Finance; Insurance; International; Research & Economics; Specialized Lending, Servicing and Trust; Treasury Management; as well as Wells Fargo Capital Finance. Based in San Francisco, the 30-year company veteran has managed Wholesale Banking since 1998. He formerly managed the Capital Markets Group, the workout groups for the Wholesale Bank, and was involved in various functions relating to the overall credit quality of the bank's portfolio. Dave was also senior credit officer for the Real Estate Group, manager of the bank's credit training functions, and manager of the San Francisco East Bay office of the Real Estate Group.

Dave graduated from the University of California, Berkeley, where he earned his bachelor's degree in business administration.

Dave is a board member of the Shanghai Commercial Bank, Ltd., the California Academy of Sciences, and the San Francisco Symphony.

Annual Compensation* Salary $2,000,000 Total Annual Compensation $2,000,000 Stock Options* Restricted Stock Awards $6,500,022 All Other Compensation $14,700 Exercised Options 178,875 Exercised Options Value $642,161 Exercisable Options 4,821,466 Exercisable Options Value $3,732,966 Total Value of Options $4,375,127 Total Number of Options 5,000,341 Total Compensation* Total Annual Cash Compensation $3,889,700 Total Short Term Compensation $2,000,000 Other Long Term Compensation $6,514,722 Total Calculated Compensation $10,541,652

Who's This?

Michael J. Loughlin, senior executive vice president and Chief Risk Officer, assumed his role in 2006. Previously, he was responsible for credit approval, policy and reporting for Wholesale Banking. A banking professional with 30 years of experience, he joined the company in 1986 after Wells Fargo acquired Crocker Bank. Before being head of credit for Wells Fargo Wholesale Banking, he was responsible for the private banking business of Private Client Services, headed systems and operations for the Wholesale Banking unit, and held other positions within Commercial and Corporate Banking including head of U.S. Corporate Banking and Regional Vice President in the Santa Clara Valley Regional Commercial Banking Office.

He received his bachelor's degree from the University of California at Berkeley in 1978.

Who's this?

Avid Modjtabai is senior executive vice president, Consumer Lending, for Wells Fargo & Company. The group consists of the company's Home Mortgage, Home Equity, Dealer Services, Educational Financial Services, Personal Credit Management, Consumer Credit Card, and Rewards and Enhancements Services businesses. An 18-year veteran of Wells Fargo, Modjtabai has served in a number of leadership roles, most recently as head of the Technology and Operations Group and Chief Information Officer. In this role, she led the customer conversion activities, and the systems and infrastructure integration for the Wells Fargo - Wachovia merger. She was responsible for the core technology functions of the company including computing, telecommunications, and end-user services, enterprise architecture and application development, information security, technology governance, and risk management. She was also responsible for enterprise operations services including check processing, statement processing, ATM operations, ACH and wires, fraud disputes, cash vaults, lockbox, safe-deposit processing, armored logistics, accounting support for retail stores and deposit document retention. Prior to serving as head of Technology and Operations, she was Director of Human Resources with responsibility for compensation and benefits, human resource service centers, systems and payroll, finance, team member relations and assistance, talent management, learning and development and diversity. Before joining Human Resources, she was Executive Vice President and head of the Internet Services Group, where she helped Wells Fargo become the leading provider of online financial services through managing Consumer, Investment and Small Business Internet Services. Prior to that, she was head of Wells Fargo's Online Personal Financial Services, including both the consumer and the online brokerage services, and served as head of the Enterprise Internet Services Group, responsible for customer experience on Wellsfargo.com. Modjtabai's Wells Fargo career has also included management positions in Consumer Deposits, the Investment Group and she was a senior consultant in Corporate Strategy. She joined Wells Fargo from McKinsey & Company, where she focused on strategy initiatives in financial services.

She has been named as one of the "Most Powerful Women in Banking" and one of the "Top 25 Women to Watch" by U.S. Banker, one of the "100 Most Influential Women in Bay Area Business" by the San Francisco Business Times and one of the "The Innovators" by Bank Technology News. Additionally, she received the "Ellis Island Medal of Honor," awarded for her outstanding personal and professional achievements, coupled with preserving the richness of her heritage.

As an active member of the community, she serves on the board of trustees for the Committee for Economic Development and The Branson School.

She earned a Bachelor's in industrial engineering from Stanford University and an MBA in finance from Columbia University.

Kentfield, California

Salary.com lists a range of $158,955 to $351,296 base salary plus bonus for a CIO in California, Executive Vice Presidents will $124,031 to $379,740 plus bonus, according to Salary.com.

Who's this?

Jim Strother became executive vice president and General Counsel of Wells Fargo & Company in late 2003, responsible for legal affairs for the company. In June 2001 he was named a deputy general counsel of Wells Fargo & Company, responsible for legal services for all the company's consumer businesses including lending, deposits, retail brokerage services, insurance and information sharing. He served as executive vice president, General Counsel and Secretary of Wells Fargo Home Mortgage from 1998 to 2001. Before joining Wells Fargo in 1998, he was Vice President and Assistant General Counsel with Norwest Corporation. He was named Counsel when he joined Norwest in 1986 and held that position until 1989 when he became Assistant General Counsel. After graduating magna cum laude from law school in 1977, he joined the legal staff of Larkin, Hoffman, Daly & Lindgren as an attorney.

He is on the board of directors of the Legal Aid Society-Employment Law Center (San Francisco) and the Commonwealth Club of California.

Strother earned both a bachelor's degree and a law degree from the University of Minnesota.