Wells Fargo names new CEO after long search

Wells Fargo & Co. has tapped Charles Scharf, who just stepped down as chairman and CEO of The Bank of New York Mellon Corp. (NYSE: BK), to fill the CEO role vacated when Tim Sloan resigned in March.

Wells Fargo’s (NYSE: WFC) stock jumped on the Friday morning announcement and was trading up $2, or more than 4 percent, around noon Eastern time.

“Charlie is a proven leader and an experienced CEO who has excelled at strategic leadership and execution and is well-positioned to lead Wells Fargo’s…

Source: The Business Journal