Kovacevich stays on for Wells Fargo-Wachovia merger
by Richard Kilner
Following the recommendation of chief executive officer John Stumpf, the Board of Directors of Wells Fargo & Company has asked Chairman Dick Kovacevich to remain in post for an interim period.
Kovacevich reached his 65th birthday last week, and the Board’s request is an exception to the typically obligatory retirement age of 65.
In response to their unusual move, Kovacevich has agreed to remain as chairman in order to assist John Stumpf and other senior leaders of the firm to embark upon a successful integration between Wells Fargo and Wachovia Corporation.
When Kovacevich does part ways with the firm, the board intends for Stumpf, already CEO and president, to also become chairman.
Elsewhere, the board has selected Philip J. Quigley to assume the newly created board position of lead director starting 1 January of next year.