Tim Sloan: Is Wells Fargo’s CEO Worth The Pay?

The Chief Executive Officer role is one of the most important jobs in any large organization.

Because of this, many of the top leaders in publicly-traded corporations have become household names. Warren Buffett and Jeff Bezos are both examples of this.

But many other CEOs fly under the radar – despite their remarkable success. Recently we have published research on severalchief executives who run well-known companies like:

  • Costco (COST)
  • McDonald’s (MCD)
  • Procter & Gamble (PG)
  • Rhe Coca-Cola Company (KO)

In this article, we will be performing an analytical deep dive into the performance and compensation of Tim Sloan, the Chief Executive Officer of the publicly-traded financial institution Wells Fargo (WFC).

Tim Sloan’s History Prior to Becoming CEO

Tim Sloan (pictured below) has had a long history in the financial services industry.

Before starting his career, he studied at the University of Michigan-Ann Arbor, where he earned a B.A. in economics and history and, later, an MBA in finance and accounting. His early years in the workforce were spent at the Continental Illinois Bank in Chicago, where his first job was as a bank teller.

Tim Sloan joined Wells Fargo in 1987, where his first role was in the bank’s Loan Adjustment Group. Between 1991 and 2010, he held various role in the firm’s Wholesale Banking division, including stints as the head of Commercial Banking, Real Estate, and Specialized Financial Services.

Mr. Sloan’s more recent experience has been more typical of a corporate executive.

Beginning in 2010, he served as Wells Fargo’s Chief Administrative Officer, managing Corporate Communications, Corporate Social Responsibility, Enterprise Marketing, Government Relations, and Corporate Human Resources. In 2011, he was appointed as Wells Fargo’s Chief Financial Officer, responsible for all enterprise financial management functions.

In 2014, Mr. Sloan was appointed as the head of Wells Fargo’s Wholesale Banking business – the unit in which he had spent all of his career to date.In fact, many pundits believed that Tim Sloan’s background outside of the Community Bank (the business unit which had experienced so many ethical problems before his appointment as CEO) was an important reason why he was awarded the top job.

He became Wells Fargo’s President and Chief Operating Officer in October of 2015, a role that made him responsible for Wells’ four main business groups: Community Banking, Consumer Lending, Wealth and Investment Management, and Wholesale Banking. Later, Mr. Sloan was elected to the firm’s Board of Directors in October of 2016.

Tim Sloan has been the Chief Executive Officer of Wells Fargo since October of 2016 – the same month he was elected to the bank’s board – succeeding long-time CEO John Stumpf.

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