Wells Fargo Promotes Sloan, Positioning Him as Likely CEO
- `It establishes a succession plan,' says analyst Marty Mosby
- There are `other viable candidates' too, bank spokeswoman says
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Wells Fargo & Co., the most valuable U.S. bank, promoted Timothy Sloan to chief operating officer and president, giving him authority over more businesses and positioning him to someday lead the company.
Sloan, who runs wholesale banking, will now also supervise heads of other key divisions -- community banking, consumer lending and wealth and investment management -- the San Francisco-based firm said Tuesday in a statement. His 28 years at the lender already included stints as chief financial officer and head of administration.