Wells Fargo (WFC -0.02%) is preparing for a change in one of its most important positions. The company announced Tuesday that it has appointed a new CFO, Mike Santomassimo, who will take up his post on an unspecified date this fall.

Santomassimo is to replace the departing John Shrewsberry, who has served in the position for the last six years and is a 22-year veteran of the big bank. Wells Fargo said Shrewsberry will continue in his position until Santomassimo's arrival, and help with the transition for an unspecified period of time afterwards.

The incoming CFO also has long experience working in the banking sector, and this is not his first turn at the wheel.

A partially opened bank vault, lit from within.

Image source: Getty Images.

He has served as CFO of Bank of New York Mellon since 2018, Wells Fargo said, and has been employed in the banking and finance industries for over 20 years. Prior to his CFO stint at Bank of New York Mellon, he was CFO for its investment services business. Before that, he occupied various managerial positions at JPMorgan Chase.

According to a regulatory filing made by Wells Fargo, Santomassimo will receive an annual base salary of $1.75 million for his labors. He will also be eligible for incentive bonuses and stock options. Additionally, he is to receive "buyout" compensation for unvested shares of Bank of New York Mellon he is leaving behind.

Santomassimo will not have an easy job at Wells Fargo. The company still operates under an asset cap placed on the bank by the Federal Reserve, has posted deep losses in the face of the coronavirus pandemic, and is planning to make around $10 billion in cost cuts to help shore up its business.