business executive bank executive
Richard M. Kovacevich was born on October 30, 1943, in Tacoma, Washington, and grew up in Enumclaw, Washington. His father worked in a sawmill. Kovacevich was a gifted baseball player and was considered a professional prospect, but chose to attend Stanford University rather than pursue a baseball career. His early experience combined analytical training, commercial work, and exposure to consumer products before he entered banking.
Kovacevich studied at Stanford University, where he earned a bachelor's degree and a master's degree in industrial engineering. He subsequently completed a Master of Business Administration at Stanford Graduate School of Business in 1967. His education combined technical preparation in engineering with business training that later informed his work in corporate strategy, consumer finance, and banking leadership.
Kovacevich began his corporate career in strategic planning at General Mills, where he worked from approximately 1967 to 1969. He later became associated with the company's Kenner Products division, serving as a general manager and working with its consumer toy and game business. From 1972 to 1975 he was principal of American Photographic Corporation. He joined Citicorp in 1975 and held senior consumer-banking and international consumer-operations positions, including responsibility for retail and consumer businesses. In 1986 he joined Norwest Corporation as vice chairman, chief operating officer, and head of its banking group. He became president of Norwest in 1989, chief executive officer in 1993, and chairman in 1995. When Norwest merged with Wells Fargo in November 1998, Kovacevich became president and chief executive officer of the combined Wells Fargo & Company. He became chairman in April 2001, remained chief executive officer until June 2007, and continued as chairman until December 2009, helping oversee the company's integration of Wachovia during 2009. His leadership at Wells Fargo was associated with a strategy of expanding the range of financial products offered to individual and business customers and organizing the company around broader customer relationships.
Led Norwest Corporation as chief executive officer and chairman before and through its 1998 merger with Wells Fargo & Company.
Guided Wells Fargo & Company as president and chief executive officer and later chairman, expanding the company's integrated customer-oriented financial-services strategy.
Helped oversee the integration of Wachovia into Wells Fargo during 2009 while continuing as chairman.
Kovacevich advocated a customer-centered approach to financial services, seeking to meet a customer's broad financial needs through an integrated relationship rather than through isolated products. His leadership philosophy emphasized hiring, retaining, rewarding, recognizing, and developing capable people, while encouraging employees to take responsibility for building effective teams.
Kovacevich served on the boards of Cargill, Incorporated, Cisco Systems, Inc., and Target Corporation. He also held civic and cultural leadership roles, including service with the Federal Advisory Council, the California Business Roundtable, the California Commission for Jobs and Economic Growth, the San Francisco Committee on JOBS, the San Francisco Symphony, and the San Francisco Museum of Modern Art. He was associated with the Financial Services Roundtable and the National Infrastructure Advisory Committee.
Served as a member of the board of directors.
Cargill, Incorporated , United States
Served as a member of the board of directors.
Cisco Systems, Inc. , United States
2005
Served as a member of the board of directors.
Target Corporation , United States
2010
Served as vice president and a member of the board of governors.
San Francisco Symphony , United States
Served as vice chairman and a member of the board of trustees.
San Francisco Museum of Modern Art , United States
Participated as a member during his banking career.
Federal Advisory Council , United States
Participated as a member.
California Business Roundtable , United States
Served as a member.
California Commission for Jobs and Economic Growth , United States
Served as chairman.
San Francisco Committee on JOBS , United States
Participated as a member.
Financial Services Roundtable , United States
Participated as a member.
National Infrastructure Advisory Committee , United States
Kovacevich emphasized teamwork, employee development, and the importance of caring about people as a condition of effective leadership. In discussing leadership, he stressed building teams whose collective performance could exceed the abilities of any one individual and encouraged leaders to develop confidence and responsibility in others.
Quotes from others about the person
Stanford Graduate School of Business described Kovacevich as a leader who believed that broad experience strengthened management and that effective teams could outperform the abilities of individual members.
Kovacevich is married to Mary Jo Kovacevich and has three children. His professional connections include long-standing leadership relationships with Norwest Corporation and Wells Fargo & Company, as well as board and civic service involving major American corporations and San Francisco cultural institutions.
