Banking

Wells Fargo Selects Beverly Anderson To Run Cards And Retail Services

Wells Fargo announced Thursday (Aug. 24) it has named Beverly Anderson as head of its cards and retail services.

The bank noted Anderson has served as the interim leader for CRS since March of this year and, prior to that, led Wells Fargo’s consumer financial services (CFS), the bank’s consumer credit card business. In a press release announcing Anderson’s appointment, the bank explained the cards and retail services (CRS) business is part of its payments, virtual solutions and innovation (PVSI) unit. CRS includes CFS, retail services and collections and servicing.

“Our card businesses are critical to Wells Fargo’s growth and success in building a better bank for our customers,” said Avid Modjtabai, head of PVSI in the news release. “As the head of consumer financial services, Bev has helped transform our credit card business through her commitment to putting our customers first and building engaged and empowered teams. She’s an accomplished leader with deep financial services experience, and we look forward to seeing her continued success in this expanded role.”

Under Anderson’s leadership, the CFS team has been able to outpace industry growth in point-of-sale volume and balances, expand its credit card offerings and use of digital channels as well as create an award-winning rewards program, Wells Fargo said.

Anderson joined Wells Fargo in 2012 to lead consumer financial services. Before joining Wells Fargo, she focused on developing and growing consumer and small business product portfolios for First USA (Chase), Fleet Bank (Bank of America) and American Express. Anderson serves as chair of the board of directors for the Council of Urban Professionals, is an active member of the Harvard Business School African American Alumni Association and co-chairs her team’s Diversity & Inclusion Council, noted the bank.

The appointment of Anderson into the new role comes amid other management shake-ups at Wells Fargo. Earlier this month, the bank announced Elizabeth “Betsy” Duke will succeed Stephen Sanger as independent chairman of the board, a result of shareholder displeasure over the company’s recent scandals. According to a news release, Sanger, along with long-serving directors Cynthia Milligan and Susan Swenson, will retire from the bank at the end of the year. These changes are in addition to the earlier appointment of two new independent directors, Karen Peetz and Ronald Sargent.

The Wells Fargo board expects to name up to three additional independent directors before its 2018 annual meeting.

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