Norwest’s Biller to Become COO of Wells After Merger
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Norwest Corp. President Les Biller will become chief operating officer of Wells Fargo & Co. when the two banks merge to create the seventh-largest U.S. bank later this year.
Biller, 49, will be a vice chairman of the company, along with Wells Fargo President Rod Jacobs, who, as previously announced, will be chief financial officer after the company is acquired by Minneapolis-based Norwest.
Both will report to Dick Kovacevich, now Norwest’s chairman and chief executive, who will be president and CEO of the combined company. Wells Fargo Chairman and Chief Executive Paul Hazen will be chairman.
In June, Norwest agreed to buy Wells Fargo in a transaction valued today at about $30.7 billion. The bank will be based in San Francisco.
In New York Stock Exchange trading, Norwest shares fell $1.06 to close at $36 and Wells Fargo shares fell $9 to $355.
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