Wells Fargo’s commercial banking unit CEO Perry Pelos to retire

Wells Fargo & Co (WFC.N) said on Friday that Perry Pelos, the chief executive officer of its commercial banking unit, will retire from the company in April.

Kyle Hranicky, the head of Wells Fargo’s middle marketing banking unit, which is housed within the commercial banking unit, will succeed Pelos, effective immediately.

Hranicky, who has spent 26 years at Wells Fargo and was the former head of its corporate banking group, will join the bank’s operating committee as well.

Pelos will transition into an advisory role until his retirement, the bank said in a statement.

He joined Wells Fargo in 1987 as part of the commercial banking training program and has been the head of the unit since 2016.

Pelos has also helmed the bank’s wholesale banking unit and middle market banking during his time at Wells Fargo.

These moves come as the bank reportedly faces fresh sanctions after being plagued by persistent costs and restrictions tied to its years-old sales practice scandals.