“The DNA of leadership is trust,” according to John Stumpf ’76, president, chairman and CEO of Wells Fargo, the nation’s third-largest bank.
Stumpf was named CEO of the Year this week by Morningstar, a Chicago-based independent investment research firm.
The 61-year-old former Pierz resident holds a bachelor’s degree in finance from St. Cloud State’s Herberger Business School.
“We named John Stumpf our 2015 CEO of the Year because we think he deserves credit for much of the success Wells Fargo has enjoyed in recent years,” Morningstar said in its announcement. “He guided the bank through a difficult period in the industry and shunned activities that put profits ahead of customers.”
Stumpf edged out Amazon CEO Jeff Bezos, despite the fact Amazon’s stock rose 118 percent last year while Wells Fargo shares declined nearly 1 percent.
Fortune magazine reporter Jen Wieczner writes: “And while Wells Fargo might seem a bit dowdy next to a high-flyer like Amazon, the bank has been a superstar in the financial industry: Not only has Wells Fargo returned twice as much as the S&P Financials index over the past decade, it’s the only major bank stock that has regained its pre-recession high, making up its financial-crisis losses.
Fortune magazine named Stumpf a Businessperson of the the Year in 2013.
In 2012, Wells Fargo was named the most valuable bank brand in the United States by The Brand Finance Banking 500 report. The same report valued Wells Fargo at $23.23 billion, declaring it the second most valuable bank brand in the world.
