John Stumpf
John Gerard Stumpf is an American business executive and retail banker. He was the chairman and chief executive officer of Wells Fargo, one of the Big Four banks of the United States. He was named CEO in June 2007, elected to the board of directors in June 2006, and named president in August 2005. He became chairman in January 2010. Stumpf resigned as chairman and CEO of Wells Fargo on October 12, 2016, after a scandal involving customer accounts and subsequent pressure from the public and lawmakers. He was succeeded by Timothy J. Sloan.
Early life
A native of Pierz, Minnesota, Stumpf grew up as one of 11 children on a dairy and poultry farm. His father was a dairy farmer. His father is of German descent and his mother of Polish descent. He was raised Catholic. Stumpf shared a bedroom with his brothers until he was married. He graduated in the bottom half of his high school class. His first job was as a breadmaker in a Pierz bakery. After a year, Stumpf enrolled at St. Cloud State University on a provisional basis. He eventually obtained a job as a repossession agent at First Bank in St. Paul, Minnesota.Stumpf earned his bachelor's degree in finance from St. Cloud State University and an MBA with an emphasis in finance from the University of Minnesota Carlson School of Management.
Career
In 1982, Stumpf joined Northwestern National Bank, the flagship bank of Norwest Corporation. He worked in the loan administration department and then became senior vice president and chief credit officer for Norwest Bank, N.A., Minneapolis. He held a number of management positions at Norwest Bank Minneapolis and Norwest Bank Minnesota before assuming responsibility for Norwest Bank Arizona in 1989. He was named regional president for Norwest Banks in Colorado/Arizona in 1991. From 1994 to 1998 he was regional president for Norwest Bank Texas. During his four years in that position, he led Norwest's acquisition of 30 Texas banks with total assets of more than $13 billion.Norwest merged with Wells Fargo in 1998. Norwest was the nominal survivor, but the merged bank retained the Wells Fargo name. Stumpf became head of Wells Fargo's Southwestern Banking Group. Two years later he became head of the new Western Banking Group. In 2000, he led the integration of Wells Fargo's acquisition of the $23 billion First Security Corporation, based in Salt Lake City. In May 2002, he was named Group EVP of Community Banking. In December 2008, he led one of the largest mergers in history with the purchase of Wachovia.
Stumpf became CEO of Wells Fargo in June 2007 and chairman in January 2010. In 2012, Stumpf's total compensation was $22.87 million with a base salary of $2.8 million, $3,300,000 in cash bonuses, $12.5 million in stock granted, and $15,000 in other compensation.
Stumpf served as director of National Association since June 27, 2006, and a Member of Litigation Committee at Visa Inc. After he retired, he and his wife bought a home near Mummy Mountain in Paradise Valley, Arizona.