| Subprime CEO Out at Wells Fargo
ACORN Hails Change July 23, 2003 By ANNE LINEBERRY
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| The chairman and chief executive officer at subprime lender Wells Fargo Financial has resigned.
Dan Porter, who took the helm three and a half years ago, said he would be spending his newfound free time with family. “…now seems like the right time for me to bring more balance to my work and home life. I want to be in closer proximity to my extended family and spend more time with them,” he said in the company announcement. Wells Fargo Financial is based in Des Moines, Iowa, and is a subsidiary of Wells Fargo. The subprime lender has of late become a target of consumer advocacy group ACORN, which has accused the company of predatory lending practices, a charge Wells Fargo denies. ACORN reacted with optimism to the news. “Any change at Wells Fargo Financial could hardly be for the worse,…” said ACORN National President Maude Hurd in a statement released by ACORN about the change. “Wells Fargo Financial will either reform or drag the rest of the company down with it. We are hopeful that the new CEO will be willing to take the former course.” Mark Oman, the current head of the Home and Consumer Finance Group, will act as interim CEO, the company said. |
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Anne Lineberry is MortgageDaily.com‘s editor. She previously worked as an online editor/producer for DallasNews.com and on the Metropolitan desk for the print edition of The Dallas Morning News. Email Anne at AnneLineberry@MortgageDaily.com |
