UPDATE 2-Wells Fargo names Stumpf CEO; Kovacevich stays chair

(Reuters) - NEW YORK, June 27 - Wells Fargo & Co. ,
the fifth-largest U.S. bank, on Wednesday named John Stumpf chief
executive effective immediately, replacing Richard Kovacevich,
who will remain chairman.




Stumpf, 53, has been president and chief operating officer
since August 2005, and was long considered to be a leading
candidate to replace Kovacevich. Last June, Stumpf joined
Kovacevich as the only inside directors on the bank's board.


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