Financial services provider Wells Fargo recently announced a transition on its executive leadership team. The company is appointing Scott Powell, currently chief operating officer, as its new chief risk officer, following Derek Flowers’ retirement after a three-decade tenure.
Wells Fargo provides banking, investment and mortgage solutions, as well as consumer and commercial finance offerings. Since joining the company in 2019, Powell has helped drive transformation across its risk and control priorities. Flowers, who has been CRO since 2022, has worked closely with Powell to advance those company priorities.
“Derek played a pivotal role in strengthening our risk and control framework and fostering the strong risk culture that positions Wells Fargo for continued growth,” Charlie Scharf, Wells Fargo CEO, said in a statement. “Working closely with Scott, he helped advance a significant transformation of the company’s risk and control capabilities, leaving a lasting mark on our company and the industry.”
Flowers will retire from his role as CRO in mid January 2027, and Powell will assume his new position. Wells Fargo plans to announce Powell’s successor as COO in the near future.
