Thomas Nides to join Wells Fargo as Vice Chairman in October

  • Stock Market News
Thomas Nides to join Wells Fargo as Vice Chairman in October
Credit: © Reuters.

Thomas R. Nides, former United States’ Ambassador to Israel and Morgan Stanley executive, has been appointed Vice Chairman of Wells Fargo (NYSE: WFC ) & Co., the company announced on Monday. Nides will assume his new role in October, reporting directly to CEO Charlie Scharf and joining the company’s Operating Committee.

Nides' appointment comes as part of Wells Fargo's ongoing transformation strategy. In his role as Vice Chairman, Nides will be an advisor to senior management on a wide range of issues including banking and management. He will also work closely with the company’s business heads as it continues to expand client relationships.

Moreover, Wells Fargo's Public Affairs function — encompassing government relations, corporate communications, corporate branding, community relations and the Wells Fargo Foundation — will report to Nides. His extensive experience in public policy and corporate and social responsibility is expected to be beneficial in these areas.

Nides served as the U.S. Ambassador to Israel for two years, leaving his post this past summer. Prior to that, he spent nearly a decade at Morgan Stanley in leadership roles such as Chief Operating Officer, Managing Director, and Vice Chairman. During this time, he focused on the firm’s management as well as global client relationships.

In addition to his stint at Morgan Stanley, Nides served under President Barack Obama as Deputy Secretary of State and Chief Operating Officer of the U.S. State Department. For his service, he was awarded the nation’s highest diplomatic honor by then Secretary of State Hillary Clinton.

Nides' career in the private sector began with roles in the investment banking division of Credit Suisse and as President and CEO of Burson-Marsteller, a global public affairs firm. His career started in politics with various roles on Capitol Hill.

CEO Charlie Scharf remarked, "The success of our transformation depends not only on the changes we make inside Wells Fargo, but on how we work with our stakeholders to bring those changes to life. Tom will be instrumental to that work," Scharf said.

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