Wells Fargo Assigns New Head of Sustainability
Wells Fargo, one of the most prominent financial organisations in the United States, has recently appointed a new leadership role within their sustainability division.
Just eight months earlier, Robyn Luhning, Wells Fargo's inaugural Chief Sustainability Officer (CSO), decided to leave her position following a commendable 12-year tenure with the bank and a two-year stint as CSO. Her departure marked a pivotal moment for the financial giant.
The vacancy has been filled not with a new CSO, but with Jeffrey Schub assuming the role of Head of Sustainability — a strategic shift in title and perhaps in responsibilities as well.
Introducing Jeffrey Schub
"Thrilled to share that I'm stepping into a new role at Wells Fargo as Head of Sustainability," announced Jeffrey in a post on LinkedIn.
Prior to this role, Jeffrey joined Wells Fargo in 2022 as the Senior Vice President Sustainable Finance Integration Leader.
His promotion to Interim Co-Head of Enterprise Sustainability coincided roughly with Robyn's departure.
"In this position, I'll be leading our enterprise Sustainability team, with responsibility for the bank's sustainability strategy in support of our business objectives. I'll also be directing initiatives across the company to support our employees, customers, and communities as they pursue their sustainability goals," he adds.
Before his time at Wells Fargo, Jeffrey served as Executive Director at the Coalition for Green Capital. He brings a solid background to his new role, with an MBA from Yale School of Management focused on strategy, energy markets and renewable energy finance, economics and policy.
"Our work is evolving quickly, with new challenges, solutions, and innovations emerging every day. I've seen firsthand the incredible talent and expertise Wells Fargo has in sustainability to take advantage of these opportunities.
"I'm excited to work closely with colleagues across our lines of business, our Foundation, and our operations. Our team is ready to support their efforts and deliver positive outcomes for the bank, our customers, and the communities we serve," Jeffrey notes.
"I look forward to building on the great work of my predecessor, Robyn Luhning, and I'm grateful for the opportunity to lead a dedicated team of passionate experts."
Wells Fargo's Commitment to Sustainability
Wells Fargo & Company is an American multinational financial services company that has been operating since 1852. Across 35 countries, it serves over 70 million customers worldwide.
The bank's climate action strategy is organised around four main pillars: scaling clean energy, increasing sustainability in communities, advancing climate finance and innovation, and supporting an equity-focused transition.
As part of this comprehensive strategy, Wells Fargo has committed to deploying US$500bn in sustainable financing by 2030. This initiative is integral to the company's overarching commitment to achieving net zero greenhouse gas emissions by 2050, which includes emissions from all financed activities.
Interestingly, Wells Fargo is also one of the major US banks that have recently withdrawn from the Net Zero Banking Alliance. This move, along with the cessation of the Chief Sustainability Officer role, may indicate a reevaluation of priorities within the firm.
Robyn Luhning's Future Plans
"After 12 years at Wells Fargo, I've decided to step away and forge a new path forward," Robyn shared on LinkedIn.
"To say I've learned and grown in my time at the company would be an understatement. As Wells Fargo's first Chief Sustainability Officer, I am incredibly proud of the progress we've made supporting our customers' and communities' transition to a resilient, equitable and sustainable future.
"I have no doubt that our team is the best in the industry and well-positioned to continue to make an impact. I've been lucky to trailblaze, collaborate, and innovate with so many brilliant, kind and fun people - too many to tag here! My heartfelt thanks to each one of you. I will miss you," she added.
"As to what my professional life holds next? Opportunities abound! I'm looking forward to new challenges and a new path forward," she concludes.
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