Wells Fargo names Sloan as President/COO; potential successor to Stumpf

• Wells Fargo (NYSE:WFC) names Timothy Sloan as its new President and COO, setting him up as a potential successor to CEO John Stumpf.
• In addition to his new title, Sloan will continue to lead WFC’s wholesale banking business.
• Many observers both inside and outside the company have seen Sloan as a potential successor to Stumpf.
• Stumpf will turn 65 in 2018, and under company rules, all senior execs normally must retire by Dec. 31 of the year in which they turn 65.