Wachovia Execs Out After Wells Acquisition

Only one Wachovia executive will remain on the combined Wells/Wachovia senior executive team, according to a news report.

Reuters reported that Wells Fargo & Co will control 11 of the top 12 jobs after the company’s acquisition of Wachovia is final (see Wachovia Leaves Citigroup at the Altar). The appointments were announced internally Thursday by Wells Fargo’s Chief Executive John Stumpf.

The only Wachovia executive to remain is David Carroll, Wachovia’s head of capital management. Carroll will oversee the wealth management unit, which includes Wachovia Securities and its 14,600 representatives.

The report said the following senior management members of Wachovia will be leaving: Robert Steel, CEO; Ben Jenkins, retail banking chief; Steve Cummings, corporate and investment banking chief; and David Zwiener, CFO. Two other executives, Cece Sutton and Jonathan Witter, will reportedly leave to run the new retail banking operations at Morgan Stanley.

Reuters said the following members of the Wells Fargo management team will remain:

  • Howard Atkins, chief financial officer;
  • Pat Callahan, head of merger transition;
  • Dave Hoyt, who will oversee wholesale banking, investment banking, and Wachovia’s Evergreen asset management unit;
  • Mike Loughlin, chief risk and credit officer;
  • Kevin McCabe, chief auditor;
  • Avid Modjtabai, technology and operations chief;
  • Mark Oman, who will oversee home lending;
  • Kevin Rhein, credit cards and consumer lending chief;
  • Jim Strother, general counsel; and
  • Carrie Tolstedt, who will run retail banking.