An executive from strong Columbus ties has been named the new interim chief executive officer and president of one of the nation’s largest financial institutions.
The Wells-Fargo Company board has elected C. Allen Parker, who served as the Company’s General Counsel, to serve as the leader of the organization.
Parker is a 1973 graduate of Hardaway High School, where he was president of the class.
He takes over for CEO and president Timothy J. Sloan, who told the board he plans to retire effective June 30. Parker will begin his new role immediately.
Parker, 64, served as senior executive vice president and general counsel at Wells Fargo from March 2017 to March 2019. Previously, he was presiding partner at the law firm of Cravath, Swaine & Moore from January 2013 until December 2016.
He has extensive experience in a broad range of finance, banking and related matters, according to a Wells-Fargo news release.
He earned an undergraduate degree from Duke University, an M.A. from the University of Chicago, and a J.D. from the Columbia University School of Law.
“In my two years at Wells Fargo, I have been deeply impressed with the commitment of our 259,000 team members to move this great company forward and to build an even stronger foundation for the future,” Parker said in a news release. “I am fully committed to this role as we continue the important work at hand in support of all our stakeholders, particularly our customers, and prepare for a smooth and effective transition to a permanent CEO.”