Norwest veteran to step into Wells Fargo chairman role

A Norwest veteran will take the chairman’s reins at Wells Fargo on Jan. 1.

John Stumpf, who joined a Norwest subsidiary in 1982, already succeeded chairman Dick Kovacevich as CEO two years ago. The company said today that Kovacevich will step down as chairman at the end of the year.

Kovacevich agreed last fall to continue as interim chairman while the bank completed its merger with Wachovia Corp.

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