Wells Fargo Capital Finance (WFCF) Chairman and CEO Henry Jordan will retire on December 16, 2016, after which WFCF will join Wells Fargo Commercial Capital Group.
Guy Fuchs — who will report to executive vice president Ed Blakey, head of Wells Fargo Commercial Capital — will lead WFCF.
“Under Henry’s leadership, Wells Fargo Capital Finance has grown to be one of the industry leaders in asset-based lending, factoring and other specialized senior secured lending,” said Tim Sloan, Wells Fargo’s president and chief executive officer. “Henry’s role in the successful acquisition of GE Capital’s Commercial Distribution Finance (CDF) business and Direct Lending portfolio are the most recent examples of what has been a remarkable career. Henry leaves a strong leadership team in place who will continue to provide our customers with superb service and innovative financing solutions.”
The newly-formed Wells Fargo Commercial Capital group combines Wells Fargo’s asset-based lending businesses with the recently acquired GE Capital CDF and Vendor Finance businesses and Direct Lending portfolio. Wells Fargo Commercial Capital has approximately $252 billion in commitments and includes the Capital Finance, Equipment Finance, Asset-Backed Finance and Corporate Trust divisions.
“I’m very excited to lead this newly formed group and bring these successful businesses together,” said Blakey. “Capital Finance has a strong management team in place and I look forward to working with them to ensure we continue to provide outstanding value to our customers, and look for ways to deepen those relationships.”
Blakey, a 32-year veteran of Wells Fargo, reports to Perry Pelos, head of Wholesale Banking, and has held a number of senior leadership positions in commercial real estate, commercial mortgage-backed securities and permanent-debt lending.