Kovacevich, Richard M. 1943–

International Directory of Business Biographies, (2005) by Alison Lake

Richard M. Kovacevich 1943–

Chairman and chief executive officer, Wells Fargo & Company

Nationality: American.

Born: October 30, 1943, in Tacoma, Washington.

Education: Stanford University, BS; MS; MBA.

Career: General Mills, planner; GM, mergers and acquisitions; division manager; Citicorp Group, executive; Norwest, 1986–1989, vice chairman and head of banking group; 1986–1993, chief operations officer; 1989–1993, president; 1993–1998, chief executive officer; 1995–1998, chairman; Wells Fargo & Company, 1998–2001, president; 1998–, chief executive officer; 2001–, chairman.

Awards: Best Manager, BusinessWeek , 2003, 2004.

Address: Wells Fargo & Company, P.O. Box 63750, San Francisco, California 94163; http://www.wellsfargo.com.

■ As of 2004 Richard M. Kovacevich was leading a $334 billion diversified financial services company that offered banking, insurance, investments, mortgages, and consumer finance services from its storefronts, on the Internet, and through other distribution channels. Although the headquarters were in San Francisco, Kovacevich's approach was decentralization, each local store acting as a center for customers' financial service needs. Wells Fargo was the leading mortgage originator in the United States and the second largest domestic service provider, having almost $400 billion in assets in 2004. In 2003 Wells Fargo was the fifth largest U.S. bank in assets. Forbes highlighted Wells Fargo as the 12th largest U.S. corporation in a composite ranking of revenue, profit, assets, and market value; among the top 50 in revenue among all companies in all industries; and among the 10 largest charitable givers in corporate America. Kovacevich wrote for the company Web site: "We learn from each other. That's one of the advantages of being big." In 2004 Wells Fargo assets reached $397 billion with a $96 billion market value of stock. The company ranked number one in the industry in the areas of retail banking, small

Richard M. Kovacevich. Paul S. Howell/Getty Images .

business lending, agricultural lending, insurance brokerage, and equity lending.

WORKING WITH PEOPLE, NOT JUST NUMBERS

Kovacevich was a visible and accessible CEO, qualities that matched well with the company's first product—service. Kovacevich's name and face became almost as synonymous with the corporate image as the Wells Fargo stagecoach that had once securely delivered money. Kovacevich's summary of the company's vision and values on the Web site read: "Our product: Service. Our Value-Added: Financial Advice. Our competitive advantage: Our People." Below this slogan was a friendly photo of a smiling Kovacevich with his suit coat slung over his shoulder. According to Kovacevich, customers were central to all company operations that aimed to provide "personal, hometown, responsive, friendly service."

In 2004 the Wells Fargo workforce reached 134,000. By calling employees "team members," Kovacevich conveyed his vision that "Regardless of how big we are and how much territory we cover, we share certain values that hold us together wherever we are and whatever we do. It doesn't matter what our responsibilities are, our levels or titles, what businesses we're part of, or where we live and work…. We believe every one on our team is important and deserves our respect…. We use, extensively, America's most neglected resource—recognition."

Treating employees right was important to Kovacevich. On the Web site he wrote, "Our team members will say, 'I chose the right company. I'm valued. I'm rewarded. I'm recognized. I can improve my professional skills here. I can reach my career goals. I enjoy my work'." At the same time, Kovacevich expected Wells Fargo employees to care as much about the company as he did. He wrote, "In hiring people, we really don't care how much a person knows until we know how much they care."

Kovacevich outlined his goals as the following components of the company's platform: "We want to satisfy all of our customers' financial needs, help them succeed financially, be the premier provider of financial services in every one of our markets, and be known as one of America's great companies." Kovacevich emphasized the last point several times in his writings, reaching back into Wells Fargo history. To further strengthen Wells Fargo's reputation as a truly American company, Kovacevich made a priority of personalizing both employee relations and customer service.

A COMMUNITY BANKER

Kovacevich took the American corporate image of Wells Fargo farther by emphasizing his pride in "competing in an industry that is central and indispensable to the growth of our national economy, and an industry where we can make a fair profit and do good for our customers and communities at the same time." It was important to Kovacevich that Wells Fargo maintain a presence in the national and local communities. He expected team members to be community leaders and to "promote the economic advancement of everyone in our communities including the less fortunate who have yet to share in the prosperity of our extraordinary country." Kovacevich declared the company would be "known as an active community leader in economic development, services that promote economic self-sufficiency, education, social services, and the arts." He encouraged Wells Fargo team members across the country to "roll up their sleeves" and participate in community fundraising campaigns, nonprofit leadership, and community events. This contribution of "financial, human, and social capital" was a cornerstone of the Wells Fargo community vision.