Wells Fargo & Company (NYSE: WFC) announced that Chief Risk Officer Derek Flowers plans to retire in mid-January after nearly 30 years with the company. Chief Operating Officer Scott Powell will assume the CRO role upon Flowers' departure.

Flowers joined Wells Fargo in 1995 and held several roles, including Chief Credit Officer, before being named CRO in 2022. Powell has served as COO since December 2019, leading the company's risk and control transformation efforts. His responsibilities have also included global operations, control management, corporate security, strategic sourcing, and regulatory relations.

Before joining Wells Fargo, Powell held risk management positions and later led the Consumer Banking and Retail Investments business at JPMorgan Chase & Co. He also served as CEO of Santander Holdings USA, Inc.

CEO Charlie Scharf said in a statement that Flowers "played a pivotal role in strengthening our risk and control framework," and credited him with helping to advance "a significant transformation of the company's risk and control capabilities."

Wells Fargo said a successor for Powell's COO position will be named in the near future.