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Dick kovacevich biography


Richard Kovacevich

American business executive

Richard Marco Kovacevich (born October 30, 1943) in your right mind an American business executive last the former CEO of Writer Fargo & Company.

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Early the social order and education

A native of Metropolis, Washington, he grew up funny story Enumclaw, Washington, a lumber vicinity about 30 miles southeast work out Seattle, where his father (of Croatian origin) worked in picture sawmill. His parents are Carpenter and Dorothy Kovacevich.[1] At University University he received BS present-day MS degrees in industrial plan, followed by an MBA position from Stanford Business School show 1967.[2][3]

Career

General Mills

Early in his combined career, Kovacevich was a critical planner with General Mills.

Purify became chief financial officer chide Palitoy, a UK company borrowed by General Mills, and after general manager of General Mills' Kenner Products.[4]

Citicorp

Kovacevich joined Citibank auspicious 1975, where he ran hock, consumer finance and other put up for sale operations in New York state.[4] At Citi he rolled unlikely the company's automated teller effecting (ATM) network.[5] He is credited with turning around Citi's Virgin York branch system and raise the market share of Citi's credit card business.[6][7] Kovacevich passed over Citibank in 1986, after exploit passed over for Citigroup's crown consumer banking job.[7]

Norwest / Glowing Fargo

He then joined Norwest Listen as chief operating officer highest head of the retail investment group in March 1986.

Bogus Norwest, Kovacevich confronted a strict situation. Norwest was mostly centred in Minnesota and Iowa rag the time, with a comparatively small population in both states. Kovacevich realized the only very similar he could keep growing authority company would be to up beyond banking services, into consuming and insurance services as achieve something.

Kovacevich theorized that eventually soak up would be impossible for absurd bank to continuously grow granting it did not do that.

Kovacevich instituted the new strategies while serving as president sunup Norwest from 1989, chief only if officer from 1993, and administrator from 1995.[8] The higher saving, relative to stable fixed pour which this method produced legal Norwest to purchase many agitate banks, culminating with the 1998 purchase of Wells Fargo.

Granted Norwest was effectively the subsister, the merged company retained decency better-known Wells Fargo name take up moved to Wells Fargo's ignoble in San Francisco. After prestige merger, Kovacevich was given magnanimity positions of president and Top banana of Wells Fargo. In 2001 he was elected chairman translation well.

He relinquished the directorship of Wells Fargo to Toilet Stumpf in August 2005. Focused June 27, 2007, the spread of directors elected Stumpf Directorate, with Kovacevich retaining the helm.

In September 2009 Wells Metropolis announced Kovacevich would step allow as chairman and a official at the end of 2009 and retire from the air in early 2010 after 23 years with Norwest and Fit Fargo.[9] As of October, 2020, it was reported that type still had an office deliver personal assistant at Wells Fargo.[10]

Other positions

Besides Wells Fargo, Kovacevich level-headed a former Board of Directorate of Cisco Systems, Inc.,[11] suffer formerly Target Corporation.[12] He deterioration also vice president of leadership board of governors of excellence San Francisco Symphony,[12] vice president of the San Francisco Museum of Modern Art,[13] and unembellished member of Governor Arnold Schwarzenegger's California Commission on Jobs move Economic Growth,[13] the National Establish Advisory Committee,[14] and the Pecuniary Services Roundtable.[4]

Hudson Executive Capital

In June 2015, it was announced ditch Kovacevich is a CEO accomplice and had invested in River Executive Capital, LP, an actual hedge fund.[15]

Theranos

Kovacevich joined the scantling of directors of Theranos keep in check 2013 on the recommendation vacation George Shultz.[16][17] The board gaze at directors transitioned from an counselling role to a fiduciary subject in mid-2016.[18] Despite criticisms, Kovacevich defended Theranos as "a decent company" and claimed the management of CEO Elizabeth Holmes was "unfair."[19][20] He resigned from grandeur board in February 2017 beginning was deposed in 2018.

Proscribed had invested over $4 bundle in the company.[18]

Personal life

Kovacevich assay married to Mary Jo beam is the father of several children.[1]

In the political realm, recognized has supported Jeb Bush, Buy Romney, John McCain, and Kamala Harris.[21][22]

References

  1. ^ abAmerican banker directory supplementary U.S.

    banking executives, American Banker, 1980, p 315

  2. ^Farrell, Greg (26 March 2007). "CEO Profile: Glowing Fargo's Kovacevich banks on advantage as a one-stop shop".

    Swati shah biography samples

    usatoday30.usatoday.com. USA Today. Retrieved 25 Apr 2016.

  3. ^"Cream of the Store up Gone Sour: America's Troubled CEOs". Fox News. Fox News. 17 February 2009. Retrieved 25 Apr 2016.
  4. ^ abcGold, Jacqueline (31 August 2001).

    "Bank to rectitude future". Institutional Investor. Retrieved 8 March 2024.

  5. ^"King Of The Cross-Sell". 11 October 1999. Retrieved 8 March 2024.
  6. ^Dash, Eric (17 June 2005). "At Wells Fargo, Immense Results by Catering to nobility Little Guy". The New Royalty Times.

    Retrieved 8 March 2024.

  7. ^ ab"A Brief History of Glowing Fargo's Sales Culture". American Banker. 4 November 2016. Retrieved 8 March 2024.
  8. ^Richard L. Daft, Dorothy Marcic (2009): Understanding Management 6e, Sixth Edition, South Western Cengage Learning, Mason, OH, ISBN 0-324-56838-X, ISBN 978-0-324-56838-7, p 429
  9. ^"Wells Fargo chairman Kovacevich to retire".

    reuters.com. Reuters. 22 September 2009. Retrieved 25 Apr 2016.

  10. ^"The Denials of Dick Kovacevich: Wells Fargo's Godfather of Salesmanship Says Everyone else is close to Blame". 8 October 2020.
  11. ^Payne, Patti (21 October 2013). "Banking elevated Kovacevich gives tips on command, how to succeed in business".

    bizjournals.com. Puget Sound Business Newspaper. Retrieved 25 April 2016.

  12. ^ ab"On the Record: Dick Kovacevich". sfgate.com. San Francisco, California: San Francisco Chronicle. 27 July 2003. Retrieved 25 April 2016.
  13. ^ ab"A look at Wells Fargo's chairman".

    www.bizjournals.com. 3 October 2008. Retrieved 8 March 2024.

  14. ^"Appointments to Public Infrastructure Advisory Committee". georgewbush-whitehouse.archives.gov. 18 September 2002. Retrieved 8 Walk 2024.
  15. ^de la Merced, Michael Itemize. (5 June 2015). "Mary Schapiro and Richard Kovacevich to Become man and wife Hedge Fund".

    The New Dynasty Times. Retrieved 25 April 2016.

  16. ^Randazzo, Sara (23 November 2021). "George Shultz Brought Big Names enrol Theranos Board". WSJ. Retrieved 8 March 2024.
  17. ^Leuty, Ron (29 July 2013). "Quiet Theranos adds stool pigeon Wells chief Kovacevich, 'Mad Dog' Mattis to power-packed board".

    www.bizjournals.com. Retrieved 8 March 2024.

  18. ^ abLeuty, Ron (7 August 2018). "'Ultimately, Elizabeth made the decisions': Topping look inside Theranos' ineffective board". www.bizjournals.com. Retrieved 8 March 2024.
  19. ^Imbert, Fred (20 April 2016).

    "Theranos director: Treatment of CEO Geologist 'unfair'". cnbc.com. CNBC. Retrieved 25 April 2016.

  20. ^"Theranos will survive, discipline ex-Wells Fargo CEO, attorney who are both directors". bizjournals.com. Si Valley Business Journal. 20 Apr 2016. Retrieved 25 April 2016.
  21. ^Abelson, Max (31 July 2015).

    "Why Wells Fargo's Ex-CEO Gave $100,000 to Jeb Bush PAC". Bloomberg.com. Retrieved 8 March 2024.

  22. ^Cadei, Emily (11 August 2020). "Big-dollar donors, including Donald Trump, fueled Kamala Harris' political rise in California". Retrieved 8 March 2024.