Wells Fargo & Company has named former U.S. Deputy Secretary of State and COO of the U.S. State Department Thomas R. Nides as its new Vice Chairman, reporting to CEO Charlie Scharf and joining the company’s Operating Committee.
Appointed by President Barack Obama, Nides served as Deputy Secretary of State and COO of the U.S. State Department, and was awarded the nation’s highest diplomatic honor by Secretary of State Hillary Clinton for his service to the country.
“I am excited to join Wells Fargo at this pivotal time in the company’s transformation journey,” said Nides. “I look forward to working with the team to expand our products and services in new and exciting ways, and deepening our relationships with customers, government officials and the people we serve in our communities.”
In his new role as Wells Fargo Vice Chairman, Nides will have a broad role across the company, serving as a close advisor to Wells Fargo senior management on a range of issues, including banking and management, and he will work alongside the company’s business heads as it continues to expand client relationships.
The company’s Public Affairs function–which includes Government Relations, Corporate Communications, Corporate Branding, Community Relations, the Wells Fargo Foundation, and other areas–will also report to Nides, tapping into his knowledge and experience in public policy and corporate and social responsibility.
Nides has extensive experience in finance and public policy. He most recently served as the United States’ Ambassador to Israel, spending two years as the nation’s top diplomat there before leaving his post this past summer. Prior to his time in Israel, he spent nearly a decade at Morgan Stanley as COO, Managing Director, and Vice Chairman, and serving on the Operating and Management Committees where he focused on the firm’s management, as well as global client relationships.
His time in the private sector began with roles in the investment banking division of Credit Suisse, as well as President and CEO of Burson-Marsteller, a global public affairs firm. He began his career in politics, with a variety of roles on Capitol Hill.
“The breadth of Tom’s experience across the public and private sectors will be an important asset to Wells Fargo as we continue to move the company ahead,” added Scharf. “The success of our transformation depends not only on the changes we make inside Wells Fargo, but on how we work with our stakeholders to bring those changes to life. Tom will be instrumental to that work.”