Wells Fargo & Company this week announced the appointment of C. Allen Parker as senior executive vice president and general counsel, effective March 27. Parker's appointment comes at a time when the battered company looks to clean up its toxic corporate culture.
Parker will succeed James Strother, who will retire from the same role after 30 years with the company and 13 years leading the law department. Reporting to CEO Tim Sloan, Parker will be responsible for all legal affairs for the company and will serve on the company’s operating committee.
Parker will join Wells Fargo from Cravath, Swaine & Moore, where he currently serves as a partner in the firm’s Corporate Department and as a member of its Corporate Governance and Board Advisory Practice. During his more than 25 years with the firm, he served in a number of leadership positions, including presiding partner assume (nd head of the firm’s Corporate Department. He also served as the chair of the firm’s diversity committee for many years.
Strother, who joined the former Norwest Corporation in 1986, will remain with the company for the next several months to assist with the transition. During his tenure, Strother has been responsible for providing legal services to a number of business lines, including Wells Fargo Home Mortgage as well as for all the company's consumer businesses including lending, deposits, retail brokerage services, insurance, and information sharing.