Wells Fargo Chairman to Retire

* Wells Fargo & Co. said Chairman Paul Hazen will retire in April, ending a 31-year banking career. Chief Executive Richard Kovacevich will add the title to his position.

Hazen, 59, became the bank’s chairman after Kovacevich’s Minneapolis-based Norwest Corp. bought the old Wells Fargo in November 1998, taking its name and moving its headquarters to San Francisco. Hazen plans to retire after the board meets April 24.

Although he gave no reason for his retirement, Hazen said in a statement that he was pleased it coincided with the completed integration of the two companies. The bank finished combining its predecessors’ computer systems in November, six months ahead of schedule.

Hazen joined Wells Fargo in 1970 as deputy head of Wells Fargo Mortgage & Equity Trust, a real estate investment trust. He became the REIT’s president and chief executive in 1977. Hazen held senior executive positions at the bank before becoming chairman and CEO in 1995.

During his tenure, Wells Fargo assets grew from $6 billion to $272 billion, branches from 274 to almost 6,000 and annual net income from $33 million to more than $4 billion.

Wells shares were unchanged at $49.63 on the New York Stock Exchange.