Wells Fargo & Co.'s chief financial officer, Howard Atkins, has resigned for personal reasons, the megabank announced late Tuesday. He was immediately succeeded by Wells' chief administrative officer, Timothy Sloan.
"We understand Howard's decision to retire after having served Wells Fargo successfully for nearly ten years and after having had a financial services career that has spanned four decades," CEO John Stumpf said in a statement.
According to a simultaneously filed notice with the SEC, "Mr. Atkins will be on a personal unpaid leave of absence until his retirement from the Company on August 6, 2011."
Among residential lenders, Wells ranks first in the nation. It is also the second largest servicer with $1.8 trillion in receivables and a market share of almost 19%, according to figures compiled by National Mortgage News.
A Wells spokesman said the bank, at this time, will not discuss Atkins' departure beyond the press release.
Paul Miller, a managing director of FBR Capital Markets, praised the departing CFO for "consistent" reporting and management — but the speed of the departure struck him as notable. "Howard Atkins was well trusted and well liked by the Street," Miller said. "He's leaving abruptly, and you're bringing in an unknown to take his job."
