New Wells CEO faces housing challenge

Wells Fargo & Co.'s new chief executive, who spent 25 years grinding out growth at the bank, now must nurse its huge mortgage business through the worst housing downturn since 1991.

John G. Stumpf, Wells' president since August 2005, added the CEO title Wednesday, succeeding Richard Kovacevich, 63, who is expected to remain chairman until he turns 65 in late 2008.

The two executives helped build Minneapolis' Norwest Corp. into a powerhouse that took over the original Wells Fargo in 1998, keeping its storied name, San Francisco headquarters and stagecoach logo.

Read Full Article from Los Angeles Times

- Posted: 2007-06-28 09:57:25

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