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Business Briefing / Banking

Chairman plans to exit Wells Fargo

September 23, 2009|Times Wire Reports

Wells Fargo & Co. announced that its chairman, Dick Kovacevich, will step down at year's end.

Chief Executive John Stumpf, 56, will succeed him.

Kovacevich, 65, has been with the San Francisco company for 23 years. He agreed last fall to stay temporarily to help the bank deal with the financial crisis.

Stumpf, who has been with Wells Fargo for 27 years, succeeded Kovacevich as CEO in 2007 and had been chief operating officer since 2005. He will retain his CEO position when he becomes chairman.

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