New CEO at Wells Fargo Faces a Heavy Lift
Wells Fargo announced on Friday that Charles W. Scharf will be its new chief executive officer and president, effective October 21. The appointment of Scharf, the bank’s third CEO in three years, comes six months after his predecessor, Timothy Sloan, stepped down after only two-and-a-half years. Scharf has a big task before him, as he attempts to right the affairs of the scandal-beset bank.
“The changing to a new CEO is a golden opportunity for any given company to redefine its destiny, and that is certainly true of Wells Fargo,” says Stephen Hahn-Griffiths, chief reputation officer at the Reputation Institute. “With a new CEO comes a new opportunity to really define the company and its destiny.”
The Reputation Institute’s Hahn-Griffiths notes that Scharf must “provide a sense of vision and purpose that can inspire all stakeholders,” adding that the bank’s new CEO has to create “motivation to take Wells Fargo into the future.”