Timothy Sloan Promoted as Chief Operating Officer and President by Wells Fargo, Paving way for Future Leadership

Timothy Sloan Promoted  as Chief Operating Officer and President by Wells Fargo, Paving way for Future LeadershipTimothy Sloan, 55, has been with Wells Fargo & Co for twenty eight years and on Tuesday, the lender promoted him to the chief operating officer and president's post. That will allow him greater authority over more businesses. It also makes him the potential successor of the present CEO some day.

Sloan, runs wholesale banking at the most valuable U. S. bank, and now will also supervise the heads of several key divisions including consumer lending, community banking, and wealth and investment management.

In his long association with the lender ha has already served as chief financial officer and head of administration.

John Stumpf, the Chairman and Chief Executive Officer of the banking and financial services firm said in the statement, "As we prepare for Wells Fargo's future, Tim is an ideal choice to lead one of the best teams in banking as they accelerate investments and drive change."

Marty Mosby, an analyst with Vining Sparks based in Memphis, Tennessee said, that Sloan, has been for long seen as a potential successor to the CEO but his elevation came in faster than expected.

Tuesday's move signals the preparation of future leadership at Wells Fargo & Co.