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Wells Promoting While Preparing for Executive Retirements

""Wells Fargo"":https://www.wellsfargo.com/ has a new leader for its consumer-lending business in Avid Modjtabai, and additionally, Wells confirmed that Mike Heid will take over as president of its mortgage unit.


Modjtabai was formerly the head of Wells' technology and operations, and his new role will encompass mortgages, home-equity, and student loans under the Wells Fargo Consumer Lending division.


Heid had previously been acting as co-head of the company's mortgage branch in conjunction with Cara Heiden, and with Heiden's retirement, Heid will take the lead, while reporting directly to Modjtabai.

Kevin Rhein, Wells' former head of card and consumer-lending, will benefit from the personnel moves and will be taking over Modjtabai's position as the company's leader of technology operations.

Commenting on the changes, Wells' CEO John Stumpf, said, ""We strengthen our culture and our leadership pipeline when we rotate top talent across lines of business and organizations. Consolidating our consumer-lending activities under one organization reflects our focus on putting customers at the center of everything we do.""

Elsewhere within Wells Fargo, the company is prepping for the departure of Mark Oman, who will be retiring from his position as executive leader of mortgage and consumer finance at the end of the year.

Wells is also focused on an expense-saving plan, dubbed Project Compass, that aims to cut expenditures by $1.5 billion per quarter by the end of 2012.

About Author: Abby Gregory


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