Story
Wells Fargo Chief Risk Officer Derek Flowers to Retire; COO Scott Powell Named Successor
Summary
Derek Flowers, Wells Fargo's chief risk officer since 2022, will retire in mid-January after nearly three decades with the bank. He will be succeeded by current Chief Operating Officer Scott Powell.
Wells Fargo announced Wednesday that Chief Risk Officer Derek Flowers will retire in mid-January, with current Chief Operating Officer Scott Powell set to take over the critical risk management role for the U.S. banking giant.
Executive Transition Details
Flowers, a veteran of the firm since 1995, has held the top risk position since 2022. According to a statement from the bank, he will step down after a career spanning nearly three decades in various roles at the company.
CEO Charlie Scharf acknowledged Flowers' work in a statement. "Derek played a pivotal role in strengthening our risk and control framework and fostering the strong risk culture that positions Wells Fargo for continued growth," Scharf said.
AdLeadership Shuffle and Context
The appointment of Scott Powell, the bank's current COO, to the CRO position marks a significant change in the executive ranks. Wells Fargo said it plans to name a successor to fill the chief operating officer role in the near future.
The Chief Risk Officer role is a crucial function for Wells Fargo, the fourth-largest U.S. bank by assets. The firm has been under intense regulatory scrutiny for years to improve its risk management and internal controls, making the leadership of this division essential to its ongoing operational and strategic turnaround efforts.
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