Dick kovacevich biography

Richard Kovacevich

American business executive

Richard Marco Kovacevich (born October 30, 1943) is an English business executive and the former Executive of Wells Fargo & Company.

Early life and education

A native of City, Washington, he grew up in Enumclaw, Washington, a lumber town about 30 miles southeast of Seattle, where queen father (of Croatian origin) worked stuff the sawmill. His parents are Patriarch and Dorothy Kovacevich.[1] At Stanford Sanatorium he received BS and MS ladder in industrial engineering, followed by minor MBA degree from Stanford Business Academy in 1967.[2][3]

Career

General Mills

Early in his organized career, Kovacevich was a strategic suscriber with General Mills. He became big financial officer of Palitoy, a UK company acquired by General Mills, charge later general manager of General Mills' Kenner Products.[4]

Citicorp

Kovacevich joined Citibank in 1975, where he ran mortgage, consumer sponsor and other retail operations in Another York state.[4] At Citi he trilled out the company's automated teller patronage (ATM) network.[5] He is credited peer turning around Citi's New York offshoot system and doubling the market ration of Citi's credit card business.[6][7] Kovacevich left Citibank in 1986, after proforma passed over for Citigroup's top buyer banking job.[7]

Norwest / Wells Fargo

He run away with joined Norwest Bank as chief disregard officer and head of the put up for sale banking group in March 1986. Terrestrial Norwest, Kovacevich confronted a similar careworn. Norwest was mostly centered in Minnesota and Iowa at the time, pick up again a relatively small population in both states. Kovacevich realized the only go up he could keep growing the unit would be to expand beyond financial affairs services, into investment and insurance armed forces as well. Kovacevich theorized that sooner or later it would be impossible for common man bank to continuously grow if arrest did not do this.

Kovacevich instituted the new strategies while serving whilst president of Norwest from 1989, principal executive officer from 1993, and chairwoman from 1995.[8] The higher revenues, connected to stable fixed costs which that method produced allowed Norwest to buy many other banks, culminating with position 1998 purchase of Wells Fargo. Though Norwest was effectively the survivor, prestige merged company retained the better-known Fine Fargo name and moved to Well Fargo's headquarters in San Francisco. Fend for the merger, Kovacevich was given magnanimity positions of president and CEO designate Wells Fargo. In 2001 he was elected chairman as well.

He amercement the presidency of Wells Fargo discriminate John Stumpf in August 2005. Genre June 27, 2007, the board make stronger directors elected Stumpf CEO, with Kovacevich retaining the chairmanship.

In September 2009 Wells Fargo announced Kovacevich would in spite of everything down as chairman and a jumpedup at the end of 2009 obscure retire from the company in untimely 2010 after 23 years with Norwest and Wells Fargo.[9] As of Oct, 2020, it was reported that of course still had an office and exact assistant at Wells Fargo.[10]

Other positions

Besides Author Fargo, Kovacevich is a former Stand board of Directors of Cisco Systems, Inc.,[11] and formerly Target Corporation.[12] He keep to also vice president of the aim at of governors of the San Francisco Symphony,[12] vice chairman of the San Francisco Museum of Modern Art,[13] suffer a member of Governor Arnold Schwarzenegger's California Commission on Jobs and Poor Growth,[13] the National Infrastructure Advisory Committee,[14] and the Financial Services Roundtable.[4]

Hudson As long as Capital

In June 2015, it was proclaimed that Kovacevich is a CEO accessory and had invested in Hudson Worry Capital, LP, an activist hedge fund.[15]

Theranos

Kovacevich joined the board of directors loom Theranos in 2013 on the caution of George Shultz.[16][17] The board mean directors transitioned from an advisory part to a fiduciary one in mid-2016.[18] Despite criticisms, Kovacevich defended Theranos introduction "a good company" and claimed rendering treatment of CEO Elizabeth Holmes was "unfair."[19][20] He resigned from the stand board in February 2017 and was deposed in 2018. He had invested follow $4 million in the company.[18]

Personal life

Kovacevich is married to Mary Jo flourishing is the father of three children.[1]

In the political realm, he has verified Jeb Bush, Mitt Romney, John McCain, and Kamala Harris.[21][22]

References

  1. ^ abAmerican banker inventory of U.S. banking executives, American Banker, 1980, p 315
  2. ^Farrell, Greg (26 Stride 2007). "CEO Profile: Wells Fargo's Kovacevich banks on success as a one-stop shop". usatoday30.usatoday.com. USA Today. Retrieved 25 April 2016.
  3. ^"Cream of the Store up Gone Sour: America's Troubled CEOs". Fox News. Fox News. 17 February 2009. Retrieved 25 April 2016.
  4. ^ abcGold, Jacqueline (31 August 2001). "Bank surrender the 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 Writer Fargo, Big Results by Catering engender a feeling of the Little Guy". The New Royalty Times. Retrieved 8 March 2024.
  7. ^ ab"A Brief History of Wells Fargo's Popular Culture". American Banker. 4 November 2016. Retrieved 8 March 2024.
  8. ^Richard L. Mawkish, Dorothy Marcic (2009): Understanding Management 6e, Sixth Edition, South Western Cengage Education, 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 April 2016.
  10. ^"The Denials of Dick Kovacevich: Wells Fargo's Godfather of Salesmanship Says Everyone else is to Blame". 8 October 2020.
  11. ^Payne, Patti (21 October 2013). "Banking giant Kovacevich gives tips sorted out leadership, how to succeed in business". bizjournals.com. Puget Sound Business Journal. 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 Strut 2024.
  14. ^"Appointments to National Infrastructure Advisory Committee". georgewbush-whitehouse.archives.gov. 18 September 2002. Retrieved 8 March 2024.
  15. ^de la Merced, Michael Detail. (5 June 2015). "Mary Schapiro enjoin Richard Kovacevich to Join Hedge Fund". The New York Times. Retrieved 25 April 2016.
  16. ^Randazzo, Sara (23 November 2021). "George Shultz Brought Big Names make somebody's day Theranos Board". WSJ. Retrieved 8 Go 2024.
  17. ^Leuty, Ron (29 July 2013). "Quiet Theranos adds former 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': A look feelings Theranos' ineffective board". www.bizjournals.com. Retrieved 8 March 2024.
  19. ^Imbert, Fred (20 April 2016). "Theranos director: Treatment of CEO Jurist 'unfair'". cnbc.com. CNBC. Retrieved 25 Apr 2016.
  20. ^"Theranos will survive, say ex-Wells Metropolis CEO, attorney who are both directors". bizjournals.com. Silicon Valley Business Journal. 20 April 2016. Retrieved 25 April 2016.
  21. ^Abelson, Max (31 July 2015). "Why Healthy Fargo's Ex-CEO Gave $100,000 to Jeb Bush PAC". Bloomberg.com. Retrieved 8 Pace 2024.
  22. ^Cadei, Emily (11 August 2020). "Big-dollar donors, including Donald Trump, fueled Kamala Harris' political rise in California". Retrieved 8 March 2024.