SAN FRANCISCO (AP) - Wells Fargo & Co. said Wednesday that Tom Pizzo, chairman of the bank's Wells Fargo Century subsidiary, plans to retire in June.
Wells Fargo Century provides companies with factoring services, or accounts receivable financing, as well as other financing solutions for manufacturers, wholesalers and importers.
Wells Fargo Century President and Chief Executive Stuart Brister will assume full control of the business upon Pizzo's retirement. Before joining Wells Fargo, Brister was president of the Commercial Services Division of GMAC Commercial Finance, and held the similar position at Bank of America.
Pizzo became president and CEO of Wells Fargo Century -- then called Century Business Credit Corp. -- in 2000, just after its acquisition by Wells Fargo.
Wells Fargo shares jumped 88 cents, or 3.3 percent, to close at $27.37.
Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
© 2008 AFX News
