Wells Fargo & Company (NYSE:WFC) announced today that Steve Ellis, head of the Innovation Group, will retire after nearly 31 years with the company.
In September, Lisa Frazier will become head of the group, which focuses on accelerating Wells Fargo’s delivery of next-generation products and services.
“Steve has been a champion for customer-centric innovation since he joined the company more than three decades ago,” said Avid Modjtabai, head of Payments, Virtual Solutions and Innovation for Wells Fargo. “He has been a mentor to many, and his influence is reflected in how we’re reimagining the future of banking. He has been a trusted advisor to me over the years, and I wish him the best in his well-deserved retirement.”
The Wells Fargo Startup Accelerator and upcoming GreenhouseSM app are among the initiatives developed under Ellis’s leadership. Previously, Ellis led the Wholesale Services Group, including Treasury Management; Wholesale Banking Technology and Operations; Wholesale Social Strategies, Innovation and Research and Development; and the Enterprise Payment Strategies Group. Before that he started and ran the Wholesale Internet Solutions group, which launched Wells Fargo’s Commercial Electronic Office ® (CEO ® ) portal in 2000 and CEO Mobile ® in 2007. Wells Fargo’s early move into commercial online and mobile financial services was due in large part to Ellis’s commitment to fostering workplace creativity to uncover new ideas. He also held finance and operations roles in Wells Fargo Commercial Banking, Real Estate Group, and Wholesale Banking.
Frazier has significant experience in digital and technology specializing in digital disruption, customer experience, and product innovation. She has led highly regarded digital programs for Commonwealth Bank of Australia and as a Partner at McKinsey & Company. Most recently, Frazier has focused on advising startup companies on growth, with examples including product development at Jacobi Inc., and scaling enterprise integrations of digital wealth management solutions at SigFig for financial institutions like Wells Fargo. In addition, Frazier has served as an advisor to the ANZ Banking Group and Citi FinTech.
“I am excited to have Lisa serve as a catalyst for innovation at Wells Fargo,” said Modjtabai. “Her vision, passion, and deep experience in digital transformation at scale will help us further our efforts to build simple, personalized experiences that make a difference in our customers’ lives.”
Frazier will join the company on May 29 and will be based in San Francisco. Ellis will continue in his role until September to ensure a smooth transition.
Frazier said, “I have long admired Wells Fargo’s approach to innovation and the willingness to explore new things while always keeping the focus on the customer experience. I am looking forward to joining a talented team and contributing to Wells Fargo’s outstanding work to use technology and innovation to make life easier and simpler for customers and team members.”