Derek Flowers, a 30-year Wells Fargo veteran who has been serving as chief risk officer since 2022, will be retiring in mid-January..The bank announced that Scott Powell, currently the chief operating officer, will succeed Flowers as CRO.The bank’s Chairman and CEO Charlie Scharf credited Flowers and Powell for working together to “advance a significant transformation of the company’s risk and control capabilities, leaving a lasting mark on our company and the industry.”Powell led multi-year efforts for Wells Fargo “to drive transformation across its risk and control priorities, and currently leads a portfolio that includes global operations, control management, corporate properties, corporate security, strategic sourcing, resiliency, customer complaints & remediations and regulatory relations.” The bank said his successor as COO will be named in the near future.
