Wells Fargo appoints Scott E. Powell as new Chief Risk Officer
Wells Fargo announced the appointment of Scott E. Powell as Chief Risk Officer effective January 15, 2027. According to the company, he would no longer serve as Chief Operating Officer after that date.
What happened
Wells Fargo filed Form 8-K with the SEC on 2026-09-23. On September 23, 2026, the company announced the appointment of Scott E. Powell as Chief Risk Officer effective January 15, 2027. After January 15, 2027, he would no longer serve as Chief Operating Officer.
Change affects responsibility for risk oversight and operations
The announcement concerned two central management roles, covering risk and operations. The Chief Risk Officer oversees how a company manages risks. For investors, the change was relevant because it showed who held responsibility for oversight within the company. According to the company, the roles would not overlap after the effective date.
Filing records management change in formal company report
The filing was made under Item 5.02: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers. The report was dated September 23, 2026 and signed by Janet McGinness, Managing Director, Senior Associate General Counsel and Secretary.
Investors watch effective date and transfer of duties
According to the company, the appointment as Chief Risk Officer was set to take effect January 15, 2027. After January 15, 2027, Scott E. Powell would no longer serve as Chief Operating Officer.
