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{{Short description|American business executive}}
⚫
{{BLP sources|date=April 2014}}

{{Infobox person
{{Infobox person
| name = Dick Kovacevich
| name = Dick Kovacevich
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| other_names =
| other_names =
| occupation = Business executive and investor
| occupation = Business executive and investor
| home_town =
| education = [[Stanford Business School]] (MBA)<br>[[Stanford University]] (BS, MS)
| education = [[Stanford Business School]] (MBA)<br>[[Stanford University]] (BS, MS)
| years_active =
| years_active =
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==Early life and education==
==Early life and education==
A native of [[Tacoma, Washington]], he grew up in [[Enumclaw, Washington]], a [[lumber]] town about 30 miles southeast of Seattle, where his father (of [[Yugoslavs|Yugoslav]] origin) worked in the sawmill. His parents are Joseph and Dorothy Kovacevich.<ref name="Direct"/> At [[Stanford University]] he received BS and MS degrees in industrial engineering, followed by an MBA degree from [[Stanford Business School]] in 1967.<ref>{{cite web|last1=Farrell|first1=Greg|title=CEO Profile: Wells Fargo's Kovacevich banks on success as a one-stop shop|url=http://usatoday30.usatoday.com/money/companies/management/2007-03-26-executive-suite-wells-fargo_N.htm|website=usatoday30.usatoday.com|publisher=USA Today|accessdate=25 April 2016|language=English|date=26 March 2007|quote=Education: Stanford, bachelor's degree, engineering; MBA, 1967.}}</ref><ref>{{cite web|title=Cream of the Crop Gone Sour: America's Troubled CEOs|url=http://www.foxnews.com/story/2009/02/17/cream-crop-gone-sour-america-troubled-ceos.html|website=foxnews.com|publisher=Fox News|accessdate=25 April 2016|language=English|date=17 February 2009|quote=Richard M. Kovacevich, Chairman: MBA Stanford University (1967), BA Stanford (1965)}}</ref>
A native of [[Tacoma, Washington]], he grew up in [[Enumclaw, Washington]], a [[lumber]] town about 30 miles southeast of Seattle, where his father (of [[croats|Croatian]] origin) worked in the sawmill. His parents are Joseph and Dorothy Kovacevich.<ref name="Direct"/> At [[Stanford University]] he received BS and MS degrees in industrial engineering, followed by an MBA degree from [[Stanford Business School]] in 1967.<ref>{{cite web|last1=Farrell|first1=Greg|title=CEO Profile: Wells Fargo's Kovacevich banks on success as a one-stop shop|url=http://usatoday30.usatoday.com/money/companies/management/2007-03-26-executive-suite-wells-fargo_N.htm|website=usatoday30.usatoday.com|publisher=USA Today|accessdate=25 April 2016|language=English|date=26 March 2007|quote=Education: Stanford, bachelor's degree, engineering; MBA, 1967.}}</ref><ref>{{cite web|title=Cream of the Crop Gone Sour: America's Troubled CEOs|url=https://www.foxnews.com/story/cream-of-the-crop-gone-sour-americas-troubled-ceos/|website=[[Fox News]]|publisher=Fox News|access-date=25 April 2016|language=English|date=17 February 2009|quote=Richard M. Kovacevich, Chairman: MBA Stanford University (1967), BA Stanford (1965)}}</ref>


==Career==
==Career==
⚫
=== General Mills ===
Early in his corporate career, Kovacevich was a strategic planner with [[General Mills]]. He became chief financial officer of [[Palitoy]], a UK company acquired by General Mills, and later general manager of General Mills' [[Kenner Products]].<ref name="Bank to the future">{{cite news |last1=Gold |first1=Jacqueline |title=Bank to the future |url=https://www.institutionalinvestor.com/article/2btflvpx0qa314vi54r9c/home/bank-to-the-future |access-date=8 March 2024 |work=Institutional Investor |date=31 August 2001 |language=en}}</ref>

=== Citicorp ===
=== Citicorp ===
Kovacevich joined [[Citibank]] in 1975, where he ran mortgage, consumer finance and other retail operations in New York state.<ref name="Bank to the future"/> At Citi he rolled out the company's [[automated teller machine]] (ATM) network.<ref>{{cite news |title=King Of The Cross-Sell |url=https://www.barrons.com/articles/SB939439126362436146 |access-date=8 March 2024 |date=11 October 1999}}</ref> He is credited with turning around Citi's New York branch system and doubling the market share of Citi's credit card business.<ref>{{cite news |last1=Dash |first1=Eric |title=At Wells Fargo, Big Results by Catering to the Little Guy |url=https://www.nytimes.com/2005/06/17/business/at-wells-fargo-big-results-by-catering-to-the-little-guy.html |access-date=8 March 2024 |work=The New York Times |date=17 June 2005}}</ref><ref name="nyt">{{cite news |title=A Brief History of Wells Fargo's Sales Culture |url=https://www.americanbanker.com/slideshow/a-brief-history-of-wells-fargos-sales-culture |access-date=8 March 2024 |work=American Banker |date=4 November 2016 |language=en}}</ref> Kovacevich left Citibank in 1986, after being passed over for [[Citigroup|Citigroup's]] top consumer banking job.<ref name="nyt"/>
{{BLP sources section|date=April 2016}}
Early in his corporate career he was a planning and division general manager with [[General Mills]] before joining [[Citicorp]]. At Citicorp he was made head of regional [[retail banking]]. Kovacevich was told by his team that Citibank had 30% market share but was losing 108 million dollars a year. Probing deeper, Kovacevich realized that they meant that Citibank had 30% checking account market share (in other words, 30 percent of all people who lived in the Citibank regions had a checking account with Citibank). In reality, Citibank only had 6% market share of deposits (the vast majority of money being in Savings and Loans, Credit Unions, and other institutions). Kovacevich expanded Citibank aggressively into other areas such as [[mortgage loan|mortgages]].


=== Norwest ===
=== Norwest / Wells Fargo ===
⚫
{{BLP sources section|date=March 2024}}
He then joined [[Norwest Bank]] as chief operating officer and head of the retail banking group in March 1986. At Norwest, Kovacevich confronted a similar situation. Norwest was mostly centered in [[Minnesota]] and [[Iowa]] at the time, with a relatively small population in both states. Kovacevich realized the only way he could keep growing the company would be to expand beyond banking services, into investment and insurance services as well. Kovacevich theorized that eventually it would be impossible for any bank to continuously grow if it did not do this.
He then joined [[Norwest Bank]] as chief operating officer and head of the retail banking group in March 1986. At Norwest, Kovacevich confronted a similar situation. Norwest was mostly centered in [[Minnesota]] and [[Iowa]] at the time, with a relatively small population in both states. Kovacevich realized the only way he could keep growing the company would be to expand beyond banking services, into investment and insurance services as well. Kovacevich theorized that eventually it would be impossible for any bank to continuously grow if it did not do this.


Kovacevich instituted the new strategies while serving as president of Norwest from 1989, chief executive officer from 1993, and chairman from 1995.<ref name="Lead">Richard L. Daft, Dorothy Marcic (2009): ''Understanding Management 6e'', Sixth Edition, South Western Cengage Learning, [[Mason, Ohio|Mason]], OH, {{ISBN|0-324-56838-X}}, {{ISBN|978-0-324-56838-7}}, p 429</ref> The higher revenues, relative to stable fixed costs which this method produced allowed Norwest to purchase many other banks, culminating with the 1998 purchase of [[Wells Fargo]]. Although Norwest was effectively the survivor, the merged company retained the better-known Wells Fargo name and moved to Wells Fargo's headquarters in [[San Francisco]]. After the merger, Kovacevich was given the positions of president and CEO of Wells Fargo. In 2001 he was elected chairman as well.
Kovacevich instituted the new strategies while serving as president of Norwest from 1989, chief executive officer from 1993, and chairman from 1995.<ref name="Lead">Richard L. Daft, Dorothy Marcic (2009): ''Understanding Management 6e'', Sixth Edition, South Western Cengage Learning, [[Mason, Ohio|Mason]], OH, {{ISBN|0-324-56838-X}}, {{ISBN|978-0-324-56838-7}}, p 429</ref> The higher revenues, relative to stable fixed costs which this method produced allowed Norwest to purchase many other banks, culminating with the 1998 purchase of [[Wells Fargo]]. Although Norwest was effectively the survivor, the merged company retained the better-known Wells Fargo name and moved to Wells Fargo's headquarters in [[San Francisco]]. After the merger, Kovacevich was given the positions of president and CEO of Wells Fargo. In 2001 he was elected chairman as well.


=== Legacy and beliefs ===
Kovacevich is responsible for many trends currently{{when?|date=April 2016}} found in the financial services industry:

* Calling branches "stores", instead of "branches". This is a reference to both the diversified products they sell, beyond normal banking products, and also to the sales focus the employees have.
* Expansion into non-traditional banking businesses, such as investments and insurance. This culminated in the [[Gramm-Leach-Bliley Act]].
* Integrated cross-sell strategy. This strategy is to market most products only to existing customers, primarily by employees, instead of each product line attracting its own customers via its own marketing. This method can be cheaper and more successful.
* His "leadership style puts accountability for success in the hands of each and every employee".<ref name="Lead"/>

Kovacevich believes that [[Federal Deposit Insurance Corporation]] insurance should be privatized,{{Cn|date=April 2016}} and that [[Fannie Mae]] and [[Freddie Mac]] should have no government backing in the event of a failure{{Cn|date=April 2016}} (quite the opposite of the course actually pursued by the [[United States Congress]] and the [[White House]] when the two lenders became insolvent in September 2008). He has also been very vocal against the expensing of [[stock option]]s,{{Cn|date=April 2016}} and has twice disobeyed shareholder requests to do so.{{Cn|date=April 2016}}

⚫
=== Wells Fargo ===
He relinquished the presidency of Wells Fargo to [[John Stumpf]] in August 2005. On June 27, 2007, the board of directors elected Stumpf CEO, with Kovacevich retaining the chairmanship.
He relinquished the presidency of Wells Fargo to [[John Stumpf]] in August 2005. On June 27, 2007, the board of directors elected Stumpf CEO, with Kovacevich retaining the chairmanship.


In September 2009 Wells Fargo announced Kovacevich would step down as chairman and a director at the end of 2009 and retire from the company in early 2010 after 23 years with Norwest and Wells Fargo.<ref>{{cite web|title=Wells Fargo chairman Kovacevich to retire|url=https://www.reuters.com/article/us-wellsfargo-kovacevich-idUSTRE58L54Q20090922|website=reuters.com|publisher=Reuters|accessdate=25 April 2016|date=22 September 2009}}</ref>
In September 2009 Wells Fargo announced Kovacevich would step down as chairman and a director at the end of 2009 and retire from the company in early 2010 after 23 years with Norwest and Wells Fargo.<ref>{{cite web|title=Wells Fargo chairman Kovacevich to retire|url=https://www.reuters.com/article/us-wellsfargo-kovacevich-idUSTRE58L54Q20090922|website=reuters.com|publisher=Reuters|accessdate=25 April 2016|date=22 September 2009}}</ref> As of October, 2020, it was reported that he still had an office and personal assistant at Wells Fargo.<ref>{{cite web | url=https://sites.duke.edu/thefinregblog/2020/10/08/the-denials-of-dick-kovacevich-wells-fargos-godfather-of-salesmanship-says-everyone-else-is-to-blame/ | title=The Denials of Dick Kovacevich: Wells Fargo's Godfather of Salesmanship Says Everyone else is to Blame | date=8 October 2020 }}</ref>


=== Other positions ===
=== Other positions ===
Besides Wells Fargo, Kovacevich is a director of [[Cisco Systems, Inc.]],<ref>{{cite web|last1=Payne|first1=Patti|title=Banking giant Kovacevich gives tips on leadership, how to succeed in business|url=http://www.bizjournals.com/bizjournals/how-to/growth-strategies/2013/10/banking-giant-richard-kovacevich---how.html|website=bizjournals.com|publisher=Puget Sound Business Journal|accessdate=25 April 2016|language=English|date=21 October 2013}}</ref> and formerly [[Target Corporation]].<ref name="auto">{{cite web|title=On the Record: Dick Kovacevich|url=http://www.sfgate.com/business/ontherecord/article/On-the-Record-Dick-Kovacevich-2600294.php|website=sfgate.com|publisher=[[San Francisco Chronicle]]|accessdate=25 April 2016|location=San Francisco, California|language=English|date=27 July 2003|quote=Board affiliations: Cargill Inc., Target Corp., San Francisco Committee on JOBS, San Francisco Symphony, San Francisco Museum of Modern Art.}}</ref> He is also vice president of the board of governors of the [[San Francisco Symphony]],<ref name="auto"/> vice chairman of the [[San Francisco Museum of Modern Art]], and a member of Governor [[Arnold Schwarzenegger]]'s California Commission on Jobs and Economic Growth, the [[National Infrastructure Advisory Committee]], and the [[Financial Services Roundtable]].{{Cn|date=April 2016}}
Besides Wells Fargo, Kovacevich is a former Board of Directors of [[Cisco Systems, Inc.]],<ref>{{cite web|last1=Payne|first1=Patti|title=Banking giant Kovacevich gives tips on leadership, how to succeed in business|url=http://www.bizjournals.com/bizjournals/how-to/growth-strategies/2013/10/banking-giant-richard-kovacevich---how.html|website=bizjournals.com|publisher=Puget Sound Business Journal|accessdate=25 April 2016|language=English|date=21 October 2013}}</ref> and formerly [[Target Corporation]].<ref name="auto">{{cite web|title=On the Record: Dick Kovacevich|url=http://www.sfgate.com/business/ontherecord/article/On-the-Record-Dick-Kovacevich-2600294.php|website=sfgate.com|publisher=[[San Francisco Chronicle]]|accessdate=25 April 2016|location=San Francisco, California|language=English|date=27 July 2003|quote=Board affiliations: Cargill Inc., Target Corp., San Francisco Committee on JOBS, San Francisco Symphony, San Francisco Museum of Modern Art.}}</ref> He is also vice president of the board of governors of the [[San Francisco Symphony]],<ref name="auto"/> vice chairman of the [[San Francisco Museum of Modern Art]],<ref name="chair">{{cite news |title=A look at Wells Fargo's chairman |url=https://www.bizjournals.com/sanjose/stories/2008/09/29/daily104.html |access-date=8 March 2024 |work=www.bizjournals.com |date=3 October 2008}}</ref> and a member of Governor [[Arnold Schwarzenegger]]'s California Commission on Jobs and Economic Growth,<ref name="chair"/> the [[National Infrastructure Advisory Committee]],<ref>{{cite news |title=Appointments to National Infrastructure Advisory Committee |url=https://georgewbush-whitehouse.archives.gov/news/releases/2002/09/20020918-12.html |access-date=8 March 2024 |work=georgewbush-whitehouse.archives.gov |date=18 September 2002}}</ref> and the [[Financial Services Roundtable]].<ref name="Bank to the future"/>


==== Hudson Executive Capital ====
==== Hudson Executive Capital ====
In June 2015, it was announced that Kovacevich is a CEO partner invested in Hudson Executive Capital, LP, an activist hedge fund.<ref>{{cite web|last1=de la Merced|first1=Michael J.|title=Mary Schapiro and Richard Kovacevich to Join Hedge Fund|url=https://www.nytimes.com/2015/06/04/business/dealbook/mary-schapiro-and-richard-kovacevich-to-join-hedge-fund.html|website=nytimes.com|publisher=The New York Times|accessdate=25 April 2016|language=English|date=5 June 2015}}</ref>
In June 2015, it was announced that Kovacevich is a CEO partner and had invested in Hudson Executive Capital, LP, an activist hedge fund.<ref>{{cite web|last1=de la Merced|first1=Michael J.|title=Mary Schapiro and Richard Kovacevich to Join Hedge Fund|url=https://www.nytimes.com/2015/06/04/business/dealbook/mary-schapiro-and-richard-kovacevich-to-join-hedge-fund.html|website=[[The New York Times]]|accessdate=25 April 2016|language=English|date=5 June 2015}}</ref>


==== Theranos ====
==== Theranos ====
Since 2013, Kovacevich has been on the board of advisors of heavily criticized [[Theranos]], a privately-held health, technology and laboratory services company headquartered in [[Palo Alto, California]], and is also an investor in the company. Theranos owner has been banned by the Federal government from owning a lab for two years, a decision the company has appealed. Theranos corporate governance practices have been criticized.<ref>{{cite web|last1=Abelson|first1=Reed|title=Theranos’s Fate Rests With a Founder Who Answers Only to Herself|url=https://www.nytimes.com/2016/04/25/business/theranoss-fate-rests-with-afounder-who-answers-only-to-herself.html|website=nytimes.com|publisher=The New York Times|accessdate=25 April 2016|language=English|date=24 April 2016|quote=But an adviser to the company, Richard Kovacevich, a former chief executive at Wells Fargo, acknowledged the limited role played by anyone other than Ms. Holmes.}}</ref><ref>{{cite web|last1=Imbert|first1=Fred|title=Theranos director: Treatment of CEO Holmes 'unfair'|url=https://www.cnbc.com/2016/04/20/ex-wells-fargo-ceo-theranos-treatment-unfair.html|website=cnbc.com|publisher=CNBC|accessdate=25 April 2016|language=English|date=20 April 2016}}</ref><ref>{{cite web|title=Theranos will survive, say ex-Wells Fargo CEO, attorney who are both directors|url=http://www.bizjournals.com/sanjose/blog/techflash/2016/04/theranos-will-survive-sayex-wells-fargo-ceo.html#i2|website=bizjournals.com|publisher=[[American City Business Journals|Silicon Valley Business Journal]]|accessdate=25 April 2016|language=English|date=20 April 2016}}</ref>
Kovacevich joined the board of directors of [[Theranos]] in 2013 on the recommendation of [[George Shultz]].<ref>{{cite news |last1=Randazzo |first1=Sara |title=George Shultz Brought Big Names to Theranos Board |url=https://www.wsj.com/livecoverage/elizabeth-holmes-trial-theranos/card/BkohXCrIWy7gmFPxVuKh |access-date=8 March 2024 |work=WSJ |date=23 November 2021}}</ref><ref>{{cite news |last1=Leuty |first1=Ron |title=Quiet Theranos adds former Wells chief Kovacevich, 'Mad Dog' Mattis to power-packed board |url=https://www.bizjournals.com/sanfrancisco/blog/biotech/2013/07/theranos-dick-kovacevich-james-mattis.html |access-date=8 March 2024 |work=www.bizjournals.com |date=29 July 2013}}</ref> The board of directors transitioned from an advisory role to a fiduciary one in mid-2016.<ref name="ineffective board">{{cite news |last1=Leuty |first1=Ron |title='Ultimately, Elizabeth made the decisions': A look inside Theranos' ineffective board |url=https://www.bizjournals.com/sanfrancisco/news/2018/08/07/theranos-elizabeth-holmes-board-kovacevich-shultz.html |access-date=8 March 2024 |work=www.bizjournals.com |date=7 August 2018}}</ref> Despite criticisms, Kovacevich defended Theranos as "a good company" and claimed the treatment of CEO [[Elizabeth Holmes]] was "unfair."<ref>{{cite web|last1=Imbert|first1=Fred|title=Theranos director: Treatment of CEO Holmes 'unfair'|url=https://www.cnbc.com/2016/04/20/ex-wells-fargo-ceo-theranos-treatment-unfair.html|website=cnbc.com|publisher=CNBC|accessdate=25 April 2016|language=English|date=20 April 2016}}</ref><ref>{{cite web|title=Theranos will survive, say ex-Wells Fargo CEO, attorney who are both directors|url=http://www.bizjournals.com/sanjose/blog/techflash/2016/04/theranos-will-survive-sayex-wells-fargo-ceo.html#i2|website=bizjournals.com|publisher=[[American City Business Journals|Silicon Valley Business Journal]]|accessdate=25 April 2016|language=English|date=20 April 2016}}</ref> He resigned from the board in February 2017 and was deposed in 2018. He had invested over $4 million in the company.<ref name="ineffective board"/>


==Personal life==
==Personal life==
Kovacevich is married to Mary Jo and is the father of three children.<ref name="Direct">[https://books.google.com/books/about/American_banker_directory_of_U_S_banking.html?hl=en&id=aBIcAQAAMAAJ American banker directory of U.S. banking executives,] ''American Banker'', 1980, p 315</ref>
Kovacevich is married to Mary Jo and is the father of three children.<ref name="Direct">[https://books.google.com/books/about/American_banker_directory_of_U_S_banking.html?hl=en&id=aBIcAQAAMAAJ American banker directory of U.S. banking executives], ''American Banker'', 1980, p 315</ref>


In the political realm, he has supported [[Jeb Bush]], [[Mitt Romney]], [[John McCain]], and [[Kamala Harris]].<ref>{{cite news |last1=Abelson |first1=Max |title=Why Wells Fargo's Ex-CEO Gave $100,000 to Jeb Bush PAC |url=https://www.bloomberg.com/politics/articles/2015-07-31/why-wells-fargo-ex-ceo-dick-kovacevich-gave-100-000-to-bush-pac |access-date=8 March 2024 |work=Bloomberg.com |date=31 July 2015 |language=en}}</ref><ref>{{cite news |last1=Cadei |first1=Emily |title=Big-dollar donors, including Donald Trump, fueled Kamala Harris' political rise in California |url=https://www.sacbee.com/news/politics-government/capitol-alert/article226975319.html |access-date=8 March 2024 |date=11 August 2020}}</ref>
In the political realm, he has been a member of [[Pete Coors]] for Senate, [[George W. Romney|Romney]] for President, the [[National Republican Congressional Committee]], and the New Leadership for America Political Action Committee.{{Cn|date=April 2016}}


== References ==
== References ==
Line 80: Line 72:
[[Category:Theranos people]]
[[Category:Theranos people]]
[[Category:People from Enumclaw, Washington]]
[[Category:People from Enumclaw, Washington]]
[[Category:American people of Croatian descent]]

Latest revision as of 00:01, 28 December 2024

Dick Kovacevich
Born
Richard M. Kovacevich

(1943-10-30) October 30, 1943 (age 81)
NationalityAmerican
EducationStanford Business School (MBA)
Stanford University (BS, MS)
Occupation(s)Business executive and investor

Richard Marco Kovacevich (born October 30, 1943) is an American business executive and the former CEO of Wells Fargo & Company.

Early life and education

[edit]

A native of Tacoma, Washington, he grew up in Enumclaw, Washington, a lumber town about 30 miles southeast of Seattle, where his father (of Croatian origin) worked in the sawmill. His parents are Joseph and Dorothy Kovacevich.[1] At Stanford University he received BS and MS degrees in industrial engineering, followed by an MBA degree from Stanford Business School in 1967.[2][3]

Career

[edit]

General Mills

[edit]

Early in his corporate career, Kovacevich was a strategic planner with General Mills. He became chief financial officer of Palitoy, a UK company acquired by General Mills, and later general manager of General Mills' Kenner Products.[4]

Citicorp

[edit]

Kovacevich joined Citibank in 1975, where he ran mortgage, consumer finance and other retail operations in New York state.[4] At Citi he rolled out the company's automated teller machine (ATM) network.[5] He is credited with turning around Citi's New York branch system and doubling the market share of Citi's credit card business.[6][7] Kovacevich left Citibank in 1986, after being passed over for Citigroup's top consumer banking job.[7]

Norwest / Wells Fargo

[edit]

He then joined Norwest Bank as chief operating officer and head of the retail banking group in March 1986. At Norwest, Kovacevich confronted a similar situation. Norwest was mostly centered in Minnesota and Iowa at the time, with a relatively small population in both states. Kovacevich realized the only way he could keep growing the company would be to expand beyond banking services, into investment and insurance services as well. Kovacevich theorized that eventually it would be impossible for any bank to continuously grow if it did not do this.

Kovacevich instituted the new strategies while serving as president of Norwest from 1989, chief executive officer from 1993, and chairman from 1995.[8] The higher revenues, relative to stable fixed costs which this method produced allowed Norwest to purchase many other banks, culminating with the 1998 purchase of Wells Fargo. Although Norwest was effectively the survivor, the merged company retained the better-known Wells Fargo name and moved to Wells Fargo's headquarters in San Francisco. After the merger, Kovacevich was given the positions of president and CEO of Wells Fargo. In 2001 he was elected chairman as well.

He relinquished the presidency of Wells Fargo to John Stumpf in August 2005. On June 27, 2007, the board of directors elected Stumpf CEO, with Kovacevich retaining the chairmanship.

In September 2009 Wells Fargo announced Kovacevich would step down as chairman and a director at the end of 2009 and retire from the company in early 2010 after 23 years with Norwest and Wells Fargo.[9] As of October, 2020, it was reported that he still had an office and personal assistant at Wells Fargo.[10]

Other positions

[edit]

Besides Wells Fargo, Kovacevich is a former Board of Directors of Cisco Systems, Inc.,[11] and formerly Target Corporation.[12] He is also vice president of the board of governors of the San Francisco Symphony,[12] vice chairman of the San Francisco Museum of Modern Art,[13] and a member of Governor Arnold Schwarzenegger's California Commission on Jobs and Economic Growth,[13] the National Infrastructure Advisory Committee,[14] and the Financial Services Roundtable.[4]

Hudson Executive Capital

[edit]

In June 2015, it was announced that Kovacevich is a CEO partner and had invested in Hudson Executive Capital, LP, an activist hedge fund.[15]

Theranos

[edit]

Kovacevich joined the board of directors of Theranos in 2013 on the recommendation of George Shultz.[16][17] The board of directors transitioned from an advisory role to a fiduciary one in mid-2016.[18] Despite criticisms, Kovacevich defended Theranos as "a good company" and claimed the treatment of CEO Elizabeth Holmes was "unfair."[19][20] He resigned from the board in February 2017 and was deposed in 2018. He had invested over $4 million in the company.[18]

Personal life

[edit]

Kovacevich is married to Mary Jo and is the father of three children.[1]

In the political realm, he has supported Jeb Bush, Mitt Romney, John McCain, and Kamala Harris.[21][22]

References

[edit]
  1. ^ a b American banker directory of U.S. banking executives, American Banker, 1980, p 315
  2. ^ Farrell, Greg (26 March 2007). "CEO Profile: Wells Fargo's Kovacevich banks on success as a one-stop shop". usatoday30.usatoday.com. USA Today. Retrieved 25 April 2016. Education: Stanford, bachelor's degree, engineering; MBA, 1967.
  3. ^ "Cream of the Crop Gone Sour: America's Troubled CEOs". Fox News. Fox News. 17 February 2009. Retrieved 25 April 2016. Richard M. Kovacevich, Chairman: MBA Stanford University (1967), BA Stanford (1965)
  4. ^ a b c Gold, Jacqueline (31 August 2001). "Bank to the future". Institutional Investor. Retrieved 8 March 2024.
  5. ^ "King Of The Cross-Sell". 11 October 1999. Retrieved 8 March 2024.
  6. ^ Dash, Eric (17 June 2005). "At Wells Fargo, Big Results by Catering to the Little Guy". The New York Times. Retrieved 8 March 2024.
  7. ^ a b "A Brief History of Wells Fargo's Sales Culture". American Banker. 4 November 2016. Retrieved 8 March 2024.
  8. ^ Richard L. Daft, Dorothy Marcic (2009): Understanding Management 6e, Sixth Edition, South Western Cengage Learning, Mason, OH, ISBN 0-324-56838-X, ISBN 978-0-324-56838-7, p 429
  9. ^ "Wells Fargo chairman Kovacevich to retire". reuters.com. Reuters. 22 September 2009. Retrieved 25 April 2016.
  10. ^ "The Denials of Dick Kovacevich: Wells Fargo's Godfather of Salesmanship Says Everyone else is to Blame". 8 October 2020.
  11. ^ Payne, Patti (21 October 2013). "Banking giant Kovacevich gives tips on leadership, how to succeed in business". bizjournals.com. Puget Sound Business Journal. Retrieved 25 April 2016.
  12. ^ a b "On the Record: Dick Kovacevich". sfgate.com. San Francisco, California: San Francisco Chronicle. 27 July 2003. Retrieved 25 April 2016. Board affiliations: Cargill Inc., Target Corp., San Francisco Committee on JOBS, San Francisco Symphony, San Francisco Museum of Modern Art.
  13. ^ a b "A look at Wells Fargo's chairman". www.bizjournals.com. 3 October 2008. Retrieved 8 March 2024.
  14. ^ "Appointments to National Infrastructure Advisory Committee". georgewbush-whitehouse.archives.gov. 18 September 2002. Retrieved 8 March 2024.
  15. ^ de la Merced, Michael J. (5 June 2015). "Mary Schapiro and Richard Kovacevich to Join Hedge Fund". The New York Times. Retrieved 25 April 2016.
  16. ^ Randazzo, Sara (23 November 2021). "George Shultz Brought Big Names to Theranos Board". WSJ. Retrieved 8 March 2024.
  17. ^ Leuty, Ron (29 July 2013). "Quiet Theranos adds former Wells chief Kovacevich, 'Mad Dog' Mattis to power-packed board". www.bizjournals.com. Retrieved 8 March 2024.
  18. ^ a b Leuty, Ron (7 August 2018). "'Ultimately, Elizabeth made the decisions': A look inside Theranos' ineffective board". www.bizjournals.com. Retrieved 8 March 2024.
  19. ^ Imbert, Fred (20 April 2016). "Theranos director: Treatment of CEO Holmes 'unfair'". cnbc.com. CNBC. Retrieved 25 April 2016.
  20. ^ "Theranos will survive, say ex-Wells Fargo CEO, attorney who are both directors". bizjournals.com. Silicon Valley Business Journal. 20 April 2016. Retrieved 25 April 2016.
  21. ^ Abelson, Max (31 July 2015). "Why Wells Fargo's Ex-CEO Gave $100,000 to Jeb Bush PAC". Bloomberg.com. Retrieved 8 March 2024.
  22. ^ Cadei, Emily (11 August 2020). "Big-dollar donors, including Donald Trump, fueled Kamala Harris' political rise in California". Retrieved 8 March 2024.
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