Management Makeover - Report on Wells Fargo

NEW YORK, September 10, 2015 /PRNewswire/ --

ACI Association has initiated research coverage on Wells Fargo & Company (NYSE: WFC). Select highlights from the internally released reports are being made available to the general public (included below), with access to the entirety of the research available to new members.

Today, membership is open to readers on a complementary basis at the following URL: http://www.aciassociation.com/?c=WFC    

Highlights from our WFC Report include:

• Retirement of Michael J. Heid - On August 12, 2015, the banking and financial services provider Wells Fargo & Company (Wells Fargo) announced the retirement of Michael J. Heid (Mike) from the role of Executive Vice President and Head of Wells Fargo Home Lending. Having served Wells Fargo for nearly 28 years and leading the mortgage division for 11 years, Mike joined the Company (erstwhile Norwest Mortgage) in 1988. He has been the President of Wells Fargo Home Mortgage (WFHM) since 2011 and served as Co-President from 2004 to 2011.

• Franklin Codel to succeed Michael J. Heid - Franklin Codel, the Executive Vice President and current Head of Mortgage Production, will succeed Mike as Head of Wells Fargo Home Lending, effective from October 1, 2015. Codel will be reporting to the Senior Executive Vice President and Head of Wells Fargo's Consumer Lending Group, Avid Modjtabai. In his new role, Codel will oversee the business and strategic direction of the company's home lending operation, which includes 45,000 team members.

• Codel's professional career until now - Having an experience of more than 26 years in mortgage industry, Codel has been leading the organization's Mortgage Production team since 2011. Prior to being named head of Mortgage Production, Codel was head of Mortgage Finance, a role he assumed in August 2004. Prior to working with Wells Fargo, Codel spent eight years with Norwest Mortgage and three years with Prudential Home Mortgage in various finance, capital markets and credit roles. Before joining Prudential, he had worked at Citicorp Mortgage for four years.

• Management's comments - On the occasion of Mike's retirement, Wells Fargo's Chairman and Chief Executive Officer, John Stumpf said, "Over a distinguished career spanning three decades, Mike has helped our company and the entire housing industry navigate unprecedented challenges and prepare for the future. His impact will be felt for many years to come."

To find out how this influences our rating on Wells Fargo & Company, read the full report in its entirety here: http://www.aciassociation.com/?c=WFC  

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