Paul Hazen

Summary

President and later CEO of Wells Fargo, serving alongside Carl Reichardt.

Timeline & Role

1990: Highlighted alongside Carl Reichardt as forming one of the best managerial teams in the banking business, likened to the legendary duo at Capital Cities ABC. Paul's pragmatic, cost-conscious management style was key to Berkshire's investment in Wells Fargo. 1990 Letter

📚 Historical Mentions & Citations (1)

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1990 LetterExcerpt Available

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With Wells Fargo, we think we have obtained the best managers in the business, Carl Reichardt and Paul Hazen. In many ways the combination of Carl and Paul reminds me of another—Tom Murphy and Dan Burke at Capital Cities/ABC. First, each pair is stronger than the sum of its parts because each partner understands, trusts and admires the other. Second, both managerial teams pay able people well, but abhor having a bigger head count than is needed. Third, both attack costs as vigorously when profits are at record levels as when they are under pressure. Finally, both stick with what they understand and let their abilities, not their egos, determine what they attempt. (Thomas J. Watson Sr. of IBM followed the same rule: “I’m no genius,” he said. “I’m smart in spots—but I stay around those spots.”)

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