Who is departing Wells Fargo?

Michael J. Loughlin, the Chief Risk Officer of Wells Fargo & Company, has announced his retirement.

When was the departure effective?

The retirement of Michael J. Loughlin was effective as of January 13, 2018.

What is the significance of the Chief Risk Officer role?

The Chief Risk Officer is responsible for overseeing the company's risk management framework, including identifying, assessing, and mitigating various risks the company faces. This role is particularly crucial for Wells Fargo given its history of regulatory issues and the current emphasis on robust risk and compliance practices.

What other information is provided in the filing?

The filing also includes an attached news release concerning Mr. Loughlin's retirement, which is incorporated by reference.

WELLS FARGO & COMPANY/MN 8-K: Leadership Changes

Summary

Wells Fargo & Company (WFC) filed an 8-K on January 17, 2018, to report the retirement of its Chief Risk Officer, Michael J. Loughlin, effective January 13, 2018. This departure marks a significant leadership change within a critical function of the company, particularly given the ongoing regulatory scrutiny Wells Fargo has faced. Investors should pay close attention to the transition plan for this role and the selection of a successor, as the Chief Risk Officer plays a pivotal part in navigating and mitigating the company's operational and compliance risks.

Key Highlights

1Michael J. Loughlin, Chief Risk Officer of Wells Fargo, announced his retirement.
2Mr. Loughlin's retirement was effective as of January 13, 2018.
3The company has filed an 8-K to formally report this executive departure.
4A news release detailing the retirement is attached as an exhibit.
5This change in leadership occurs at a time of heightened focus on risk management and compliance for Wells Fargo.

WELLS FARGO & COMPANY/MN 8-K Report, Executive Changes (Jan 17, 2018)

Summary

Key Highlights

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