Early in his corporate career, Kovacevich was a strategic planner with General Mills.
17 Facts About Richard Kovacevich
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Richard Kovacevich became chief financial officer of Palitoy, a UK company acquired by General Mills, and later general manager of General Mills' Kenner Products.
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Richard Kovacevich joined Citibank in 1975, where he ran mortgage, consumer finance and other retail operations in New York state.
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Richard Kovacevich is credited with turning around Citi's New York branch system and doubling the market share of Citi's credit card business.
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Richard Kovacevich left Citibank in 1986, after being passed over for Citigroup's top consumer banking job.
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Richard Kovacevich then joined Norwest Bank as chief operating officer and head of the retail banking group in March 1986.
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Richard Kovacevich realized the only way he could keep growing the company would be to expand beyond banking services, into investment and insurance services as well.
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Richard Kovacevich theorized that eventually it would be impossible for any bank to continuously grow if it did not do this.
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Richard Kovacevich instituted the new strategies while serving as president of Norwest from 1989, chief executive officer from 1993, and chairman from 1995.
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Richard Kovacevich relinquished the presidency of Wells Fargo to John Stumpf in August 2005.
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On June 27,2007, the board of directors elected Stumpf CEO, with Richard Kovacevich retaining the chairmanship.
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Besides Wells Fargo, Richard Kovacevich is a former member of the boards of directors of Cisco Systems, Inc.
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Richard Kovacevich is vice president of the board of governors of the San Francisco Symphony, vice chairman of the San Francisco Museum of Modern Art, and a member of Governor Arnold Schwarzenegger's California Commission on Jobs and Economic Growth, the National Infrastructure Advisory Committee, and the Financial Services Roundtable.
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In June 2015, it was announced that Richard Kovacevich is a CEO partner and had invested in Hudson Executive Capital, LP, an activist hedge fund.
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Richard Kovacevich joined the board of directors of Theranos in 2013 on the recommendation of George Shultz.
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Richard Kovacevich had invested over $4 million in the company.
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Richard Kovacevich is married to Mary Jo and is the father of three children.