Top Mortgage Exec Leaving Wells Fargo

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MORTGAGE EXPERT
5 · 09 · 11

Wells Fargo & Co.’s top mortgage executive will be gone by next year and likely replaced by an insider. It’s the executive’s second attempt at retiring.

The news came in a public filing Friday.

According to the San Francisco-based firm, Mark Oman plans to retire this year.

Oman, who joined the banking behemoth in 1979, is senior executive vice president over Wells Fargo’s home and consumer finance group.

This is the second time the Oman planned to retire. The first was in August 2008.

However, Wells Fargo Chairman, President and Chief Executive Officer John Stumpf asked Oman in October 2008 to delay his retirement as the company sought to integrate Wachovia Corp. following the acquisition of the ailing bank in the heat of the financial crisis.

Oman earned nearly $3.9 million in 2009. His compensation in 2010 was $2 million, and the company approved a $5 million retention package for him last year.

“With today’s announcement of my retirement by the end of the year, I will have the opportunity to work with John and the rest of Wells Fargo’s leadership team to ensure a smooth and seamless transition of my responsibilities,” Oman stated in the filing.

Stumpf highlighted the company’s “talented pool of senior leaders” and indicated that a replacement is expected to be named before Oman leaves.

Also last week, Wells Fargo announced that John Jinishian was named managing director and head of West Coast technology mergers and acquisitions. The 20-year investment banking executive was co-head of technology investment banking at Cantor Fitzgerald.

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