Wells Fargo Promotes CFO to President

Wells Fargo & Co. said it named Chief Financial Officer Rod Jacobs president, filling a post vacated last year by William Zuendt. Jacobs, 57, will join the San Francisco-based bank company’s board as the only management director other than Chairman and Chief Executive Paul Hazen. Jacobs, who joined Wells in 1979 as a financial analyst, will continue to supervise finance, computer operations and other administrative functions, reporting to Hazen. Executive Vice President Ross Kari, 39, will replace Jacobs as chief financial officer. Kari currently heads Wells’ finance group, which supervises tax, treasury, financial-planning and reporting operations.