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4-Traders Homepage  >  Equities  >  Nyse  >  Wells Fargo & Co    WFC

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Wells Fargo & Co : Danny Ludeman to Retire as Head of Wells Fargo Advisors

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09/27/2013 | 06:31pm CET

Mary Mack Named as Successor

Danny Ludeman will retire from Wells Fargo Advisors (WFA) after 34 years of helping build one of the country's most successful brokerage firms, with 15,000 advisors and management of more than $1 trillion in client assets. Mary Mack, who currently serves as head of the WFA Financial Services Group, will succeed Ludeman effective Jan. 1, 2014.

"Under Danny's leadership, we have created a premier brokerage and advisory firm whose success is based on offering clients advice and planning through multiple channels - in brokerage offices, retail bank stores, or online," said David M. Carroll, head of Wells Fargo's Wealth, Brokerage and Retirement business. "His many contributions to Wells Fargo, his commitment to our communities across the country, and his strong dedication to the client will be missed."

Ludeman has served as executive vice president and head of Wells Fargo Advisors since the Wachovia merger in 2008. He led Wachovia Securities for nearly ten years prior, and held key leadership roles at Wheat First Securities before First Union/Wachovia acquired that firm. He has overseen numerous successful mergers, creating a nationwide financial advisor sales force and driving a focus on client advice and planning.

Ludeman is a dedicated advocate for community and civic causes. He chairs the St. Louis Regional Chamber; co-chairs the capital campaign for CityArchRiver 2015; serves on the boards of Washington University, John Burroughs School, the St. Louis Zoo, the United Way of Greater St. Louis, Missouri Botanical Garden, Fair St. Louis, and The Muny; and is a member of Civic Progress.

In her new role, Mack - a 28-year veteran of the company - will work throughout Wells Fargo to help clients achieve their financial goals across numerous spectrums of wealth.

"I am confident Mary has the right mix of experience, vision, and energy to lead our advisors in continuing to help our clients succeed financially," said Carroll.

As head of the Financial Services Group at Wells Fargo Advisors, Mack oversees strategic direction and management of Investment Advisory Products, Strategic Solutions, Advice, Lending and Banking Services, National Sales, Financial Advisor Productivity and Development, and Financial Advisor Recruiting and Integration. Mack joined predecessor firm First Union in 1984 and has held a variety of leadership positions for groups including Wealth Brokerage Services, Investment Services Group, and Wachovia Client Partnership. She was managing director of Healthcare Corporate Banking and a General Bank regional president. She serves on the Private Client Services Committee for the Securities Industry and Financial Markets Association.

Mack shares Ludeman's passion for communities and civic involvement. She is on the board of trustees at Davidson College, where she graduated with a bachelor's degree in International Political Economy. She has served on the boards or executive committees of Johnson C. Smith University, the United Way of Central Carolinas, Junior Achievement, Childcare Resources and the Arts & Science Council. She is a founding member of the Foundation for Fort Mill Schools.

About Wells Fargo Wealth, Brokerage and Retirement

Wells Fargo Wealth, Brokerage and Retirement (WBR) is one of the largest wealth managers in the U.S. WBR includes Wells Fargo Advisors, the third-largest brokerage in the U.S.; Wells Fargo Private Bank, serving high-net-worth individuals and families; Abbot Downing, serving ultra-high-net-worth families; and Wells Fargo Retirement, which manages $279 billion in institutional retirement plan and pension assets for 3.7 million Americans. Wells Fargo Advisors is the trade name used by two separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company: Wells Fargo Advisors, LLC, and Wells Fargo Advisors Financial Network, LLC (members SIPC).

About Wells Fargo & Company (Twitter @WellsFargo)

Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.4 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, and the Internet (wellsfargo.com), and has offices in more than 35 countries to support the bank's customers who conduct business in the global economy. With more than 270,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 25 on Fortune's 2013 rankings of America's largest corporations. Wells Fargo's vision is to satisfy all our customers' financial needs and help them succeed financially. Wells Fargo perspectives are also available at blog.wellsfargo.com.

Wells Fargo & Company
Raschelle Burton, 314-875-1690
raschelle.burton@wellsfargoadvisors.com


© Business Wire 2013
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Financials ($)
Sales 2016 89 201 M
EBIT 2016 34 965 M
Net income 2016 20 603 M
Debt 2016 -
Yield 2016 2,66%
P/E ratio 2016 14,18
P/E ratio 2017 13,93
Capi. / Sales 2016 3,22x
Capi. / Sales 2017 3,14x
Capitalization 286 974 M
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Mean consensus HOLD
Number of Analysts 35
Average target price 54,0 $
Spread / Average Target -5,5%
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NameTitle
Timothy J. Sloan President, Chief Executive Officer & Director
Stephen W. Sanger Non-Executive Chairman
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John R. Shrewsberry Chief Financial Officer & Senior Executive VP
Scott Dillon Chief Technology Officer
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