Wells Fargo’s Hranicky to Lead Commercial Bank as Pelos Retires
(Bloomberg) -- Wells Fargo & Co. named Kyle Hranicky to lead its commercial bank as veteran Perry Pelos prepares to retire.
Hranicky’s appointment is effective immediately, according to a statement Friday. Pelos, 58, will transition to an advisory role and retire from the San Francisco-based firm in April.
The change marks Chief Executive Officer Charlie Scharf’s first appointment to his top leadership team from inside the firm since taking over almost two years ago. Hranicky, 51, has been at Wells Fargo for more than two decades, and previously led the middle-market banking business, reporting to Pelos.
“Kyle’s broad experience in commercial banking and his longstanding relationships with Wells Fargo clients and colleagues will serve him well as head of the business,” Scharf said in the statement. Pelos “has been an especially strong voice on the operating committee, and his common-sense approach to business and willingness to deal with difficult issues will be missed.”
Pelos, who joined Wells Fargo in 1987 and began leading the commercial bank five years ago, is one of the longest-serving members of the firm’s operating committee, which was largely replaced in the wake of a series of scandals. His team scored a regulatory win earlier this year when the company was freed from a 2015 order tied to violations of anti-money-laundering rules.
Read more: Wells Fargo’s Anti-Money-Laundering Consent Order Lifted by OCC
“This was the right time for my family and me to make this decision, and for the company to make a leadership change,” Pelos, who lives outside of Portland, Oregon, near a vineyard and winery owned by his family, said in the statement.
Wells Fargo’s commercial bank serves businesses with annual sales of more than $5 million. It was separated from the corporate and investment bank into its own unit last year as part of Scharf’s first overhaul. The CEO has identified the unit as a growth opportunity, and said in July that it’s adding bankers.
“I believe we have a significant opportunity to grow and continue to improve the business, and I will work closely with Perry during this transition to ensure we focus on our key strategic priorities so we can stay nimble, adapt to ongoing market changes and make sure our business is structured in the future to accomplish these objectives,” Hranicky said in the statement.
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