John Stumpf
| John Stumpf | |
|---|---|
Stumpf in 2009
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| Born |
John Gerard Stumpf September 15, 1953 Pierz, Minnesota, U.S. |
| Residence | San Francisco, California, U.S. |
| Citizenship | American |
| Alma mater |
St. Cloud State University University of Minnesota |
| Known for | Former Chairman & CEO of Wells Fargo |
| Salary | US$ 19.3 million (2014) |
| Board member of | The Clearing House, Financial Services Roundtable, Chevron |
John Gerard Stumpf (born September 15, 1953) is an American business executive and retail banker. He is the former chairman and chief executive officer of Wells Fargo, one of the Big Four banks of the United States. He was named CEO in June 2007, elected to the board of directors in June 2006, and named president in August 2005. He became chairman in January 2010. On October 12, 2016, Stumpf announced his retirement as chairman and CEO of effective immediately, following a scandal involving customer accounts and subsequent pressure from the public and lawmakers. He was succeeded by Timothy J. Sloan.
A native of Pierz, Minnesota, Stumpf grew up as one of 11 children on a dairy and poultry farm. His father was a dairy farmer. His father is of German descent and his mother of Polish descent. He was raised as a Catholic. 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.
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.
In 1982, Stumpf joined Northwestern National Bank, the flagship bank of Norwest Corporation. 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.
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