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Vice Chairman Thomas R. Nides to Leave Wells Fargo and William M. Daley to Return to Prior Role
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Wells Fargo's Vice Chairman, Thomas R. Nides, is leaving the company to focus on events in the Middle East. William M. Daley will return to his prior role. Wells Fargo will search for Daley's replacement. Nides plans to work with organizations in the Middle East to provide assistance. CEO Charlie Scharf supports Nides' decision.
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Thomas R. Nides is leaving Wells Fargo to focus on events in the Middle East. This could positively impact the stock price as it shows the company's commitment to global issues and aligns with ESG values.
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SAN FRANCISCO--(BUSINESS WIRE)--
Wells Fargo today announced that its Vice Chairman, Thomas R. Nides, has decided to leave the company to return his attention to events in the Middle East. Nides joined the company in September after retiring in July as U.S. Ambassador to Israel, a post he had held since 2021.
Facade of a Wells Fargo bank branch in Manhattan (Photo: Wells Fargo)
William M. Daley, Wells Fargo’s Vice Chairman of Public Affairs until last month, will return to his prior role, effective immediately. The company will re-start a search for Daley’s replacement in the coming weeks.
Nides said: “Watching the horrific events unfold in Israel and Gaza these past few weeks have had a profound effect on me, in ways that I could not have imagined. While my tenure as Ambassador ended a few short months ago, I now feel an obligation to turn my attention back to the region, and continue to provide whatever assistance I can, outside of an official government role, to help find solutions for the people living there. I intend to work with the UJA Federation in New York, as well as several Middle East organizations, to bring whatever expertise I can, immediately. I’m grateful to Charlie and the management team at Wells Fargo not only for the opportunity they offered me to join the incredible team here, but also for their complete understanding about the decision I have made today. I wish them, and all of you, nothing but great success.”
Wells Fargo CEO Charlie Scharf said: “I am wholly supportive of Tom’s decision. He came to Wells Fargo as a dedicated public servant, and he wants to fully commit his time and energy to urgent global issues during a time of grave need.” Scharf continued: “We are lucky to know Tom and we all thank him for his dedication and willingness to help find solutions in one of the most complicated issues in the world today.”
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 a 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. 47 on Fortune’s 2023 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.
