Wells Fargo tabs Charles Scharf as new CEO to lead 'transformation'

Sept. 27 (UPI) -- Wells Fargo on Friday introduced its new chief executive -- Bank of New York Mellon Chairman Charles Scharf -- and wrapped a six-month search for a leader it hopes will distance the institution from a gamut of recent scandals.

The nation's fourth-largest bank has been without a CEO since the departure of Tim Sloan in March. The bank tabbed Scharf as a leader who's well-suited to guide Wells Fargo after the run of negative publicity.

"Charlie is a proven leader and an experienced CEO who has excelled at strategic leadership and execution and is well-positioned to lead Wells Fargo's continued transformation," Chairwoman Betsy Duke said in a statement Friday.

"Charlie has demonstrated a strong track record in initiating and leading change, driving results."

Wells Fargo agreed last December to pay a $575 million civil settlement after admitting employees created millions of unauthorized customer accounts between 2011 and 2015 to generate fees, to meet sales goals. Last fall, the bank said 545 customers had gone through foreclosure proceedings after they were mistakenly denied loan modifications, due to an internal computing error.

Wells Fargo board member C. Allen Parker had been serving as interim CEO. The bank said he will remain in that position until Scharf officially takes over Oct. 21.

"I have deep respect for all the work that has taken place to transform Wells Fargo, and I look forward to working closely with the board, members of the management team, and team members," Scharf said.