CEO of Wells Subprime Unit Resigns

Dan Porter, chairman and chief executive of Wells Fargo Financial, Des Moines, Iowa, the bank's consumer finance division, has resigned.In a statement dated July 18, Mr. Porter said he left the company "to pursue other opportunities" and to spend more time with his family. Mark Oman, group executive vice president of Wells Fargo & Co., will assume Mr. Porter's duties until a successor is found. WFF, which has $19 billion in receivables, has been the subject of predatory lending allegations raised by the Association of Community Organizations for Reform Now. A spokeswoman for Wells said Mr. Porter's resignation has nothing to do with ACORN or the issues it has raised. ACORN, though, issued a statement on Mr. Porter's departure, saying, "Any change at Wells Fargo Financial could hardly be for the worse." WFF engages in subprime residential lending, and the spokeswoman said 25%-30% of the $19 billion in receivables is housing-related.