Wells Fargo Head Of Innovation Group To Retire

Wells Fargo announced on Tuesday (May 22) that Steve Ellis, head of the innovation group, will retire after nearly 31 years with the company.

In a press release, the national bank said that in September, Lisa Frazier will become head of the group, which is in charge of accelerating Wells Fargo’s creation and delivery of next-generation products and services.

“Steve has been a champion for customer-centric innovation since he joined the company more than three decades ago,” said Avid Modjtabai, head of payments, virtual solutions and innovation for Wells Fargo. “He has been a mentor to many, and his influence is reflected in how we’re reimagining the future of banking. He has been a trusted advisor to me over the years, and I wish him the best in his well-deserved retirement.”

Under Ellis’ charge, the bank created the Wells Fargo Startup Accelerator and will launch the Greenhouse app. Previously, Ellis led the wholesale services group, which includes treasury management, wholesale banking technology and operations, wholesale social strategies, innovation and research and development, and the enterprise payment strategies group. Before that, he started and ran the wholesale internet solutions group, which launched Wells Fargo’s Commercial Electronic Office (CEO) portal in 2000 and CEO Mobile in 2007.

According to the bank, Ellis’ replacement has extensive digital and technology experience with a specialty in digital disruption, customer experience and product innovation. Most recently, Frazier has focused on advising startup companies on growth, including product development at Jacobi and at SigFig, the robo advisor. In addition, she has served as an advisor to the ANZ Banking Group and Citi FinTech.

“I am excited to have Lisa serve as a catalyst for innovation at Wells Fargo,” said Modjtabai. “Her vision, passion and deep experience in digital transformation at scale will help us further our efforts to build simple, personalized experiences that make a difference in our customers’ lives.”

Frazier is joining Wells Fargo on May 29 and will take over for Ellis in September, the bank said in the press release.

“I have long admired Wells Fargo’s approach to innovation and the willingness to explore new things while always keeping the focus on the customer experience. I am looking forward to joining a talented team and contributing to Wells Fargo’s outstanding work to use technology and innovation to make life easier and simpler for customers and team members,” Frazier said in the release.