Mary Mack, the head of Wells Fargo's retail banking unit, is planning to retire this summer, and the executive chosen to succeed her reflects the ever-growing importance of digital channels for consumers.
The company's head of technology, Saul Van Beurden, will assume Mack's role on May 15, according to a press release Thursday from the San Francisco-based bank. Tracy Kerrins, who currently leads Wells Fargo's consumer technology group, will take over as head of technology, the bank said.
Mack has been leading Wells Fargo's consumer and small-business banking unit since 2016. She took over shortly after the bank's phony-accounts scandal exploded and has since helped navigate a series of other consumer-related controversies. Previously, Mack served as the head of Wells Fargo Advisors.
Earlier in her tenure at the $1.9 trillion-asset bank, Mack held leadership positions in both commercial banking and corporate and investment banking.
"I can think of few Wells Fargo colleagues who have done as much for our company — and who have been as visible in the communities that we serve — over such a long period of time," Wells Fargo CEO Charlie Scharf said in the press release.
Shortly after Mack took the reins of the consumer unit in July 2016,
During Mack's tenure, Wells Fargo's retail banking business has become more digitally focused. She played a key role in the relaunch of the company's mobile app in 2021. The number of Wells Fargo branch locations has fallen from 8,600 in 2016 to 4,700 today.
"Banking has transformed during the past 20 years, and that pace seems to have quickened with advancements in technology and digital capabilities," Mack
Mack, whose career at Wells Fargo and predecessor companies has spanned almost 40 years, has perennially been named to American Banker's list of the Most Powerful Women in Banking.
Van Beurden joined Wells Fargo in 2019 after serving as JPMorgan Chase's chief information officer for consumer and community banking. He previously held senior positions at ING Group and managed operations and technology for the Dutch company's international retail and direct banking businesses.
During the pandemic, Van Beurden led the bank's 25,000-person
In announcing Van Beurden's appointment, Wells emphasized the increasing importance of technology in the consumer banking business. Scharf said that while the bank's branch network will continue to be important, customers increasingly expect multichannel banking experiences.
"Saul understands this deeply and has consistently proven his ability to convert new ideas into new products and services across Wells Fargo," Scharf said.
