Wells Fargo & Company (NYSE: WFC) announced on June 27th that John Stumpf would be CEO of WFC, succeeding Dick Kovacevich, who will continue as Chairman of WFC. WFC said "Kovacevich has said he will remain with company no later than the end of next year, when he will be 65." Kovacevich competed with retired John Reed to lead Citigroup (NYSE: C) in the 1970s; Reed was appointed to CEO. Kovacevich took a leadership position at Norhwest Bank, eventually purchasing WFC in 1998. James Cramer has said Kovacevich should be considered as a replacement for current Citigroup CEO & Chairman Chuck Prince.
Daily M&A Update is provided by Stock Specialist Paul Foster of theflyonthewall.com
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