After a search process during which the bank operated under a temporary CEO, a full-time chief takes the helm later in October.

Wells Fargo has appointed Charles Scharf, former chief executive and president of Bank of New York Mellon, as its new CEO and president. Scharf is taking over from C Allen Parker, who had been interim CEO and president since March after Timothy Sloan stood down in the wake of scandals that had hit the bank and its subsequent clean-up efforts.

Scharf’s appointment takes effect from October 21, the San Francisco-based bank announced last Friday.

Before joining Visa, Scharf was managing director of One Equity Partners, the private investment arm of JP Morgan Chase & Co. He also served as chief executive officer of Retail Financial Services at JP Morgan Chase and chief executive officer of the retail division of Bank One Corp. Scharf was CFO of Bank One Corp, CFO of the Global Corporate and Investment Bank division at Citigroup, and CFO of Salomon Smith Barney.

Scharf, who will still be located in New York, serves on the board of directors of Microsoft Corporation. Scharf is also a member of the Business Council, chairman of the New York City Ballet and a member of the Board of Trustees for Johns Hopkins University.

“With more than 24 years in leadership roles in the banking and payments industries, including as CEO of Visa Inc and Bank of New York Mellon, Charlie has demonstrated a strong track record in initiating and leading change, driving results, strengthening operational risk and compliance, and innovating amid a rapidly evolving digital landscape,” Betsky Duke, Wells Fargo chair said.

“Charlie’s financial and business acumen, integrity, passion for diversity and inclusion, and commitment to strong talent management are important qualities considered by our board’s search committee,” Duke said.

As part of the changes, Parker will continue to serve in his roles until Scharf joins the company; Parker will then support the transition as a key member of the company’s leadership team and general counsel.

Duke praised Parker for his work in recent months: “I wish to thank Allen for his exemplary leadership during this transition. He has continued to move the company forward on our top priorities in a focused and transparent way. His leadership through this time has been invaluable for our stakeholders, particularly for our 263,000 team members."