Wells Fargo has promoted Tim Sloan to president and chief operating officer, a move that likely puts him on a short list of candidates to succeed John Stumpf as chief executive.

Sloan, 55, whose appointment took effect Tuesday, succeeds Stumpf as president. Sloan will report to Stumpf, 62, who remains chairman and CEO.

"Tim is an ideal choice to lead one of the best teams in banking as they accelerate investments and drive change that position us for growth," Stumpf said in a news release.

Wells Fargo has not had a chief operating officer since Stumpf held the title from August 2005 to June 2007, said Arati Randolph, a company spokeswoman.

Even with his promotion, Sloan is not the only Wells Fargo executive who could eventually succeed Stumpf, Randolph said.

"It's an important step in the overall succession plan," she said. "The succession plan does include other viable candidates. No date has been set for any announcement on the CEO role."

Sloan had been promoted in May 2014 to head of Wells Fargo's wholesale banking. Sloan had been chief financial officer from 2011 to 2014. Sloan has worked at Wells Fargo for 28 years.

Sloan will remain head of wholesale banking, the company said. In that job he has been splitting his time between San Francisco and Los Angeles. A decision has not been made if he will now be based primarily in San Francisco, the company's headquarters city.

Three executives who lead Wells Fargo's major business operations will now report to Sloan: Carrie Tolstedt, head of community banking; Avid Modjtabai, head of consumer lending; and David Carroll, head of wealth and investment management.

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