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Alumnus named a 2008 Best Manager

Wednesday, January 21, 2009

John Stumpf, president and CEO of Wells Fargo

John Stumpf, president and CEO of Wells Fargo, at an October 2007 reception in Atwood Memorial Center. Stumpf is a 1976 graduate of St. Cloud State University.

ST. CLOUD, Minn. - Wells Fargo CEO John Stumpf is flourishing in an economy that is tossing corporate executives aside like last week's newspapers.

BusinessWeek magazine named Stumpf one of the Best Managers of 2008, an honor given to just 12 American business executives.

Stumpf, a Pierz, Minn. native, holds a finance degree from St. Cloud State University.

The 80-year-old weekly pointed to Stumpf's $15 billion acquisition of Wachovia as one of several moves that has turned Wells Fargo into a "bicoastal banking powerhouse." 

Readers were asked to select the best and worst performers of the year. They put Stumpf, along with elite executives such as Apple’s Steve Jobs and Berkshire Hathaway’s Warren Buffett, on the best list.

Stumpf is hailed as one of the few executives to avoid the sub-prime mortgage mess that has dragged down American banks. Listen to his June 2008 interview with Kai Ryssdal of public radio's Marketplace show.

Among his career accomplishments, Stumpf led the former Norwest Corporation's acquisition of 30 Texas banks and headed up Well Fargo's acquisition of the $23 billion First Security Corporation.

Stumpf returned to his alma mater in October 2007. He presented privately to students and delivered a public address in Ritsche Auditorium. Check out a photo slide show and podcast from Stumpf's visit.

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