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John Stumpf

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John Stumpf
Born
John Gerard Stumpf

September 15, 1953[1]
Pierz, Minnesota, U.S.
Alma materSt. Cloud State University
University of Minnesota
OccupationChairman & CEO of Wells Fargo
Board member ofThe Clearing House, Financial Services Roundtable, Target Corporation, Chevron Corporation

John Gerard Stumpf (born September 15, 1953)[4] is an American business executive and retail banker. He is the current chairman and chief executive officer of Wells Fargo, one of the Big Four banks of the United States. He became chairman in January 2010. He was named CEO in June 2007, elected to Wells Fargo’s board of directors in June 2006, and has been president since August 2005.

Early life

A Pierz, Minnesota native, Stumpf grew up as one of 11 children on a dairy and poultry farm.[5] His father was a dairy farmer. His father is of German descent and his mother, Polish descent. He was raised as a Catholic.[6] Stumpf shared a bedroom with his brothers until he was married. Stumpf graduated in the bottom half of his high school class. His bad grades, combined with his limited family finances, resulted in Stumpf obtaining a job as a breadmaker in a Pierz bakery. After a year, Stumpf enrolled in St. Cloud State University on a provisional basis. He eventually obtained a job as a repossession agent at First Bank in St. Paul, Minnesota.[7]

Stumpf earned his bachelor's degree in finance from St. Cloud State University, St. Cloud, Minnesota and his MBA with an emphasis in finance from the Carlson School of Management.[8]

Career

In 1982, Stumpf joined Northwestern National Bank, the former Norwest Corporation which ultimately merged with Wells Fargo. He worked in the loan administration department and then became senior vice president and chief credit officer for Norwest Bank, N.A., Minneapolis. He held a number of management positions at Norwest Bank Minneapolis and Norwest Bank Minnesota before assuming responsibility for Norwest Bank Arizona in 1989. He was named regional president for Norwest Banks in Colorado/Arizona in 1991. From 1994 to 1998, he was regional president for Norwest Bank Texas. During his four years in that position, he led Norwest’s acquisition of 30 Texas banks with total assets of more than $13 billion.[9]

In 1998, with the merger of Norwest Corporation and Wells Fargo & Company, he became head of the Southwestern Banking Group (Arizona, New Mexico and Texas). Two years later he became head of the new Western Banking Group (Arizona, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington and Wyoming). In 2000, he led the integration of Wells Fargo’s acquisition of the $23 billion First Security Corporation, based in Salt Lake City. In May 2002, he was named Group EVP of Community Banking. In December 2008, he led one of the largest mergers in history with the purchase of Wachovia.[9]

In 2012, Stumpf's total compensation was $22.87 million with a base salary of $2.8 million, $3,300,000 in cash bonuses, $12.5 million in stock granted, and $15,000 in other compensation.[10][11]

Stumpf served as director of National Association since June 27, 2006 and a Member of Litigation Committee at Visa Inc.[12]

In September 2016, the Consumer Financial Protection Bureau fined Wells Fargo $100 Million for opening two million checking and credit-card bank accounts without the consent of their customers.[13][14][15] In a September 20, 2016 hearing before the United States Senate Committee on Banking, Housing and Urban Affairs,[16] Senator Elizabeth Warren told Stumpf he should resign,[14] adding that he should be "criminally investigated".[15] On September 27, The Wall Street Journal reported that the board was considering cutting back on compensation for Stumpf and former retail banking head Carrie Tolstedt.[17][18]

References

  1. ^ U.S. Public Records Index, Vols. 1 & 2 (Provo, UT: Ancestry.com Operations, Inc.), 2010.
  2. ^ Wells Fargo CEO John Stumpf tops bank pay list with $22.9 million, latimes.com
  3. ^ Wells Fargo CEO Stumpf gets raise to $23M, has been paid $61M in last 3 years, bizjournals.com
  4. ^ "Mr John Gerard Stumpf - Director at Wells Fargo Bank, National Association". DueDil. 2006-03-08. Retrieved 2015-08-01.
  5. ^ "Wells Fargo is now the nation's biggest bank by market value". latimes. 2012-03-18. Retrieved 2015-08-01.
  6. ^ "Wells Fargo CEO John Stumpf on Leadership, Corporate Citizenship, Sustainable Business & Accountability". DiversityInc. 2011-11-15. Retrieved 2015-08-01.
  7. ^ "Wells Fargo: The Bank That Works". Forbes. 2012-01-25. Retrieved 2015-08-01.
  8. ^ Wells Fargo Executive Officers, wellsfargo.com
  9. ^ a b "John G. Stumpf Biography – Chairman, President, and CEO – Wells Fargo". Wellsfargo.com. Retrieved 2015-08-01.
  10. ^ 2011 CEO Compensation for John G. Stumpf, Equilar
  11. ^ John Stumpf, Forbes
  12. ^ "Executive profile: John Stumpf". Businessweek. Retrieved 1 March 2013.
  13. ^ "Consumer Financial Protection Bureau Fines Wells Fargo $100 Million for Widespread Illegal Practice of Secretly Opening Unauthorized Accounts". Consumer Financial Protection Bureau. September 8, 2016. Retrieved September 20, 2016.
  14. ^ a b "Wells Fargo boss urged to resign over accounts scandal". BBC News. September 20, 2016. Retrieved September 20, 2016.
  15. ^ a b Bryan, Bob (September 20, 2016). "Wells Fargo's CEO just got grilled by the Senate". Business Insider. Retrieved September 20, 2016.
  16. ^ "Elizabeth Warren To Wells CEO Stumpf: You Should Resign And Face Criminal Investigation". Forbes. September 20, 2016. Retrieved September 20, 2016.
  17. ^ Glazer, Emily (2016-09-27). "Wells Fargo Board Actively Considering Executive Clawbacks". Wall Street Journal. ISSN 0099-9660. Retrieved 2016-09-27.
  18. ^ "Wells Fargo may claw back some of CEO John Stumpf's compensation". Retrieved 2016-09-27.
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