Wells Fargo & Co. has named Scott Powell as its next chief risk officer, succeeding Derek Flowers, who is retiring from the bank in January. Powell, currently the bank’s chief operating officer, will take on the new role effective immediately. The move comes as Wells Fargo continues to navigate regulatory scrutiny and work to strengthen its risk management framework.

Flowers’ retirement marks the end of a long tenure at the bank, where he served as chief risk officer since 2020. Powell’s appointment signals a shift in leadership as the bank seeks to address ongoing compliance issues.