Wells Fargo (NYSE:WFC) Chief Executive Officer John Stumpf has been named to the board of Target Corporation (NYSE:TGT) today. The board position will be effective immediately, said Target.
George Tamke, who is a partner at Clayton, Dubilier & Rice, a private investment company, is the man Stumpf is replacing. Tamke stepped down in retirement, which generated the board opening.
At the end of 2010, another board member will be stepping down from Target, who also was Chairman and CEO of Wells Fargo: Richard Kovacevich.
Target and Wells Fargo have had a long tradition of having a board connection between the two, and with the opening from the Tamke retirement and Kovacevich stepping down at the end of the year, it ensures the tradition and connection continues by placing Stumpf on the Target board.
“We’re very pleased to welcome John to our Board,” said Gregg Steinhafel, Chairman, President and Chief Executive Officer of Target Corporation. “The Board and the company will benefit from John’s substantial banking experience and business insights, particularly with respect to our credit card and real estate strategies.”
Stumpf has been with Wells Fargo for 28 years and was named Chief Executive Officer of the company in June 2007. He was named to the Wells Fargo board in 2006 and installed as president in 2005. He was named as the Chairman at Wells Fargo in January 2010; essentially holding the top titles in the company other than CFO and COO.
