Laura Schupbach will take over as head of Wells Fargo Dealer Services, effective Monday, the company announced in a press release today. She will replace Dawn Martin Harp, who announced her retirement in January.
Schupbach has led Wells Fargo’s insurance business since 2011 and has been with the company in various positions for the past 20 years, the release stated. Schupbach will remain based in Phoenix, Ariz., and will report to Franklin Codel, head of consumer lending.
She has maintained a number of senior-level positions at Wells Fargo, including managing cross-company operational efficiency and effectiveness initiatives from 2008 to 2011, according to her company bio. She was also head of finance for the Wholesale Banking Group from 2004 to 2007; Diversified Products Group — which serves various consumer and small businesses — from 2001 to 2004; and Regional Banking from 1998 to 2001.
“As we look to the future, Laura will help us build on our strong foundation while deepening our focus on consumer, customer, and dealer relationships,” Codel said in the release. “Laura brings her experience working with wholesale clients, along with her passion for operational excellence and consumer background, to the role.”
Martin Harp concludes her five-year tenure as head of Dealer Services — and 20 years with the company overall — this week. A month after her retirement announcement, Executive Vice President Bill Katafias left his post at Dealer Services with no explanation, Auto Finance News previously reported.
Since taking the position, Martin Harp has grown Wells Fargo Dealer Service’s total outstandings from $44.6 billion in 2011, to more than $60 billion today, according to Big Wheels Auto Finance data and the company’s release. The company’s latest fourth quarter earnings report showed a 15% drop in originations.
Martin Harp’s retirement comes after an investigation announced in September 2016, through which the DOJ and Comptroller of the Currency gathered Wells’ data from 2008 to 2015, resulting in a $24 million consent order. The settlement included $4.1 million that will serve as $10,000 payments made to 413 affected servicemembers.
There was also the separate faked accounts scandal that shook the company’s core banking business, resulted in a $185 million settlement, and caused former Chief Executive John Stumpf to step down. AFN found little connection between the accounts scandal and Wells Fargo’s auto business.
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