Waving Good Bye To Wells Fargo

Carl Reichardt says he will step down in January as head of Wells Fargo Bank after 12 years--and a 1,781% return to shareholders to date. The salty Texan will be replaced by President Paul Hazen. Reichardt, 63, gave no reason for retiring early. "I'm in super-good shape for a guy who doesn't take good care of himself," the portly Reichardt insists. He's certainly leaving Wells in the pink of health. Even as the California economy sputters, the bank is churning out robust earnings and now plans to buy back as much as 10% of its shares.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.