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Perry Pelos to Retire from Wells Fargo; Kyle Hranicky to Become CEO of Commercial Banking and Join the Company’s Operating Committee
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Rhea-AI Summary
Wells Fargo announced that Perry Pelos will retire in April 2022, with Kyle Hranicky, currently Head of Middle Market Banking, taking over as CEO of Commercial Banking. Pelos, who has been with Wells Fargo for 35 years, will assist in the transition to Hranicky, who brings extensive experience in the sector. This leadership change follows the recent termination of a Consent order regarding compliance issues, suggesting a positive turn for the bank. Hranicky aims to leverage the current strong franchise to pursue further growth and strategic objectives.
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Successful termination of a 2015 Consent order related to compliance, indicating regulatory improvement.
Kyle Hranicky's extensive experience in Commercial Banking positions him well to lead future growth.
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None.
SAN FRANCISCO--(BUSINESS WIRE)--
Wells Fargo & Company (NYSE: WFC) announced today that Perry Pelos will retire from the company in April 2022 and that Kyle Hranicky, Head of Middle Market Banking, will succeed Perry as CEO of its Commercial Banking segment, effective immediately. Hranicky will report to CEO Charlie Scharf and serve on the company’s Operating Committee. Pelos will transition to an advisory role until his retirement.
Kyle Hranicky (Photo: Wells Fargo)
Pelos plans to retire following a successful 35-year career with Wells Fargo. He has been in his current role since 2016 and first joined the company in 1987 as part of the Commercial Banking training program. He has held a number of roles within the company, including as Head of Wholesale Banking, as well as leadership roles across its Commercial Banking businesses, including Head of Middle Market Banking.
“On behalf of the entire management team, I thank Perry for his many years of service with the company and the contributions he’s made along the way. He is a terrific business leader and has been an important partner to me. He has been an especially strong voice on the Operating Committee, and his common-sense approach to business and willingness to deal with difficult issues will be missed,” said Scharf.
Pelos said: “It’s been a privilege spending my entire career with Wells Fargo, and I’m proud to have led the Commercial Banking team these last five years. We’ve done meaningful work – including seeing the Office of the Comptroller of the Currency terminate a 2015 Consent order related to Wells Fargo’s Bank Secrecy Act/Anti-Money Laundering compliance program.”
He continued: “We have a talented leadership team with a strong client focus, and Kyle has the vision and team support to build on our foundation for future success. This was the right time for my family and me to make this decision, and for the company to make a leadership change. The Commercial Banking team will be in great hands with Kyle.”
Hranicky is currently the Head of Middle Market Banking and a member of the Wells Fargo Management Committee. He has held a number of roles throughout his 26-year career at Wells Fargo. He was Head of the Corporate Banking group, led the Energy Group, and also was a manager in the Loan Syndications Group originating and structuring syndicated loans. Kyle started his career with Wells Fargo as an analyst in the Commercial Banking business.
“Wells Fargo’s Commercial Banking is a strong franchise today, and I’m honored to lead this market-leading team of bankers,” said Hranicky. “I believe we have a significant opportunity to grow and continue to improve the business, and I will work closely with Perry during this transition to ensure we focus on our key strategic priorities so we can stay nimble, adapt to ongoing market changes, and make sure our business is structured in the future to accomplish these objectives.”
Scharf said: “Kyle’s broad experience in Commercial Banking and his longstanding relationships with Wells Fargo clients and colleagues will serve him well as head of the business. He’s built a strong track record during his time at Wells Fargo, and I know he’ll bring both consistency and fresh perspective to the role.”
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a leading financial services company that has approximately $1.9 trillion in assets, proudly serves one in three U.S. households and more than 10% of small businesses in the U.S., and is the leading middle market banking provider in the U.S. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management. Wells Fargo ranked No. 37 on Fortune’s 2021 rankings of America’s largest corporations. In the communities we serve, the company focuses its social impact on building a sustainable, inclusive future for all by supporting housing affordability, small business growth, financial health, and a low-carbon economy. News, insights, and perspectives from Wells Fargo are also available at Wells Fargo Stories.
