Wells Fargo & Company (NYSE: WFC) today announced the appointment of six new Corporate Risk leaders as part of its enhanced Risk model to further strengthen the independent oversight of all risk-taking activities and a more comprehensive view of risk across the company. In addition, the company announced that Mike Roemer, the current Chief Compliance Officer, has decided to leave Wells Fargo following a transition period.
"Our new model will strengthen our centralized, independent risk management program, provide greater consistency in how we manage risk across our businesses, and better position us for the future,” said Chief Risk Officer (CRO) Mandy Norton.
The model consists of five line-of-business CROs, along with other teams aligned by risk type, each reporting to Norton. The new leaders, who will all report to Norton, are:
Paula Dominick, who will join Wells Fargo as Chief Compliance Officer in October. Dominick was most recently Chief Compliance Officer of Credit Suisse USA and previously held leadership roles at Bank of America, Goldman Sachs, and Morgan Stanley. In this role, Dominick will be responsible for oversight of all regulatory compliance risks for Wells Fargo.
Brian King, who will join Wells Fargo as CRO for Consumer & Small Business Banking in October. King was most recently CRO and Head of Finance for the Consumer Business at Goldman Sachs and previously held risk leadership roles at JPMorgan Chase.
Ellen Koebler, who will join Wells Fargo as CRO for Commercial Banking in September. Koebler was previously Deputy CRO at Truist, CRO for SunTrust Banks, and held leadership roles at E*Trade, JPMorgan Chase, First Union, and Shell Oil & Shell Chemical Companies.
Prasanna Someshwar, who will join Wells Fargo as CRO for Wealth & Investment Management in October. Someshwar previously held various risk leadership roles at JPMorgan Chase, including CRO and Chief Credit Officer for Wealth Management/Private Bank.
Jeff Colson, who has been named CRO for Finance, joining the risk team in September following a transition period from his current role. Colson was most recently Head of Capital Management at Wells Fargo, and his successor will be named shortly. Colson joined Wells Fargo in 2015, and he previously held executive financial and risk management positions at Bank of America.
Patrick Dillon, who has been named Enterprise Testing & Validation leader, effective immediately. Dillon joined Wells Fargo’s risk organization in 2018 and was previously in compliance leadership roles at PNC Financial Services and Bank of America Merchant Services. In this role, Dillon will lead the team responsible for the development and design of methodologies and standards for review activities across the company and provide strategic leadership of significant enterprise-wide testing programs.
The new CROs will each provide independent, holistic risk leadership and oversight for their respective business lines and functional areas, creating streamlined interaction with independent risk management and a comprehensive view of risks across each of the businesses. The CROs will work in strong partnership with leaders who will continue to oversee market, credit, operational, compliance, strategic, and model risk holistically across the entire company.
"These new leaders bring impressive experience, diverse insights, and strong leadership skills to their roles,” said Norton. "They will each play an important part on the risk leadership team under our newly enhanced organizational structure as we strengthen our independent risk management function and better position how we manage risk for the future.”
The new leaders were named following the May 2020 announcement of the enhanced Corporate Risk model, which noted that Kevin Reen would join Wells Fargo as CRO of Consumer Lending and that Bill Juliano would join Wells Fargo as chief operational risk officer. A search for the new CRO for Corporate & Investment Banking remains underway.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.97 trillion in assets. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, investment and mortgage products and services, as well as consumer and commercial finance, through 7,300 locations, more than 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 31 countries and territories to support customers who conduct business in the global economy. With approximately 266,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 30 on Fortune’s 2020 rankings of America’s largest corporations. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories.
Additional information may be found at www.wellsfargo.com | Twitter: @WellsFargo.
View source version on businesswire.com: https://www.businesswire.com/news/home/20200813005834/en/
Regulatory News:
GenSight Biologics (Paris:SIGHT) (Euronext: SIGHT, ISIN: FR0013183985, PEA-PME eligible), a biopharma company focused on discovering and developing innovative gene therapies for retinal neurodegenerative diseases and central nervous system disorders, today announced that it has submitted the Marketing Authorisation Application (MAA) for its lead product LUMEVOQ® to the European Medicines Agency (EMA), seeking approval for the treatment of patients with vision loss due to Leber Hereditary Optic Neuropathy (LHON) caused by mutation in the ND4 mitochondrial gene.
"This first regulatory submission for GenSight is a major milestone in our progression from a pure research organization to one with commercial capabilities. It validates a technology platform that has the potential to address the high unmet medical needs of patients suffering from a range of rare diseases. I would like to thank all GenSight employees and partners whose motivation, focus and effort made this submission possible,” said Bernard Gilly, Co-founder and Chief Executive Officer of GenSight Biologics.
LHON is a rare, mitochondrial genetic disease, mainly affecting young males. The ND4 mutation results in the worst visual outcomes, with most patients becoming legally blind. There continues to be a high unmet medical need for the 800-1200 new LHON patients in Europe and the U.S. each year, particularly those who are struck blind in their prime working years.
Lenadogene nolparvovec (tradename: LUMEVOQ®) is a recombinant adeno-associated viral vector, serotype 2 (rAAV2/2), containing a cDNA encoding the human wild-type mitochondrial NADH dehydrogenase 4 protein (ND4), which has been specifically developed for the treatment of LHON associated with mutation in the ND4 gene. It received orphan drug designation status for the treatment of LHON from the EMA in 2011 and from the U.S. Food and Drug Administration (FDA) in 2013.
GenSight submitted the MAA based on the benefit-risk balance established by results from a Phase-I/IIa study (CLIN-01), two pivotal Phase-III efficacy studies (CLIN-03A: RESCUE, and CLIN-03B: REVERSE) and the long-term follow up study of RESCUE and REVERSE (CLIN 06 - readout at Year 3 post injection). To demonstrate the efficacy of LUMEVOQ® in the context of a contralateral effect, the Company used a statistics-based indirect comparison methodology to assess the visual outcomes in LUMEVOQ®-treated patients (from LUMEVOQ® efficacy studies) against those in untreated patients from Natural History studies and GenSight’s REALITY Natural History Registry.
GenSight expects to submit the Biologics License Application (BLA) for LUMEVOQ® to the FDA in H2 2021. First-in-human data from GenSight’s second clinical stage program, GS030, are expected to be available in H2 2021.
About GenSight Biologics GenSight Biologics S.A. is a clinical-stage biopharma company focused on discovering and developing innovative gene therapies for retinal neurodegenerative diseases and central nervous system disorders. GenSight Biologics’ pipeline leverages two core technology platforms, the Mitochondrial Targeting Sequence (MTS) and optogenetics to help preserve or restore vision in patients suffering from blinding retinal diseases. GenSight Biologics’ lead product candidate, LUMEVOQ® (GS010; lenadogene nolparvovec), is in Phase III trials in Leber Hereditary Optic Neuropathy (LHON), a rare mitochondrial disease that leads to irreversible blindness in teens and young adults. Using its gene therapy-based approach, GenSight Biologics’ product candidates are designed to be administered in a single treatment to the eye by intravitreal injection to offer patients a sustainable functional visual recovery.
View source version on businesswire.com: https://www.businesswire.com/news/home/20200914005857/en/
(RTTNews) - Swiss food and beverage giant Nestle SA (NSRGY.PK, NSTR.L) confirmed Monday that it is in discussions to acquire all or part of Bountiful Co., a U.S. -based health and wellness company.
Nestle was responding to media reports about the potential acquisition of Bountiful, which is owned by KKR.
Bountiful makes and sells items including vitamins, supplements, protein bars and beauty products. The various brands include Nature's Bounty, Solgar, Pure Protein, Osteo Bi-Flex, Puritan's Pride, Sundown, Body Fortress, MET-Rx, Ester-C and Dr.Organic, among others.
The company, previously known as The Nature's Bounty Co., is lead by President and CEO Paul Sturman, President and CEO
