Wells Names New Prez/CEO

Wells Fargo & Co., San Francisco, has promoted John G. Stumpf to the position of president and chief executive officer.The former CEO, Dick Kovacevich, continues as chairman but plans to retire no later than the end of next year, when he will be 65. Mr. Stumpf joined Norwest Corp. in 1982 in the loan administration department of Norwest Bank Minneapolis NA. Norwest and Wells merged in 1998. In August 2005, he was named president and chief operating officer. Mr. Kovacevich lauded Mr. Stumpf's promotion, citing "his quarter century of experience with our company, his broad and deep understanding of our unique culture, his personal commitment to people as a competitive advantage, and his passion for our vision, values, and business model." Wells has what it calls a decentralized structure, with four executives overseeing different groups that answer to Mr. Stumpf, including Mark Oman, the senior executive vice president of the Home and Consumer Finance Group.