Mr Sloan succeeds Howard Atkins, who is retiring as CFO and senior executive vice president for personal reasons. Mr Atkinsâ€™ retirement is unrelated to the companyâ€™s financial condition or financial reporting.
Mr Sloan will continue to report to John Stumpf, chairman, president and CEO of the company. Before becoming CAO last year, he has served as head of commercial banking, real estate and specialized financial services.
In that role, Mr Sloan oversaw more than 25 lines of businesses, including capital markets and investment banking operations - a portfolio of responsibility representing $200 billion in assets and 440 offices in 40 states, Asia, Canada and London.
As CFO, Mr Sloan assumes responsibility for leading the companyâ€™s financial management functions (controllers, financial reporting, tax management, asset-liability management, treasury, corporate development, investor relations, mergers and acquisitions), its investment portfolios (fixed income, venture capital and private equity investments) and its corporate properties functions. He also will retain oversight of the companyâ€™s strategic planning activity.
Mr Sloanâ€™s CAO responsibilities are transitioning to Patricia Callahan, who leads the companyâ€™s Wachovia integration as head of the Office of Transition. A newly promoted senior executive vice president, Ms Callahan will oversee corporate communications, corporate human resources, corporate social responsibility, enterprise marketing and government relations.
Mr Atkinsâ€™ retirement becomes effective in August 2011, following an unpaid leave of absence he will begin immediately. He has joined Wells Fargo in 2001 after having served as executive vice president and CFO of New York Life Insurance Company. Before joining New York Life in 1996, he was CFO at Midlantic Corporation before its merger with PNCBank. He also spent 17 years at Chase Manhattan Bank, where he rose to the role of Corporate Treasurer.
Will Mr Sloan's experience benefit the firm?
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