updated 9/22/2009 3:24:34 PM ET 2009-09-22T19:24:34

Wells Fargo & Co. said Tuesday that Dick Kovacevich will step down as chairman at the end of 2009, after agreeing last fall to stay to help the bank deal with the financial crisis.

CEO John Stumpf, 56, will replace him.

Kovacevich, 65, has been with the San Francisco-based company for 23 years and will retire from the company in early 2010. He agreed last November to continue as chairman for an interim period to focus on the crisis facing the financial services industry and the company's acquisition of Wachovia.

Wells Fargo said Stumpf will become chairman on Jan. 1. Stumpf has been at the company for 27 years.

Shares of San Francisco-based Wells Fargo rose $1.07, or 3.8 percent, to $29.36 in afternoon trading.

Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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