Wells Fargo CEO John Stumpf Retires-Tim Sloan elected as new CEO read more at here www.spinonews.com/index.php/item/1248-wells-fargo-ceo-john-stumpf-retires-tim-sloan-elected-as-new-ceo

Wells Fargo announced today that Chairman and Chief Executive Officer John Stumpf will retire effective immediately in the wake of a sales scandal at the bank.

 

Wells Fargo Chairman, CEO John Stumpf retires; Board of Directors elects Tim Sloan CEO, Director: https://t.co/RgDNYmm1U5

— Wells Fargo (@WellsFargo) October 12, 2016

The company's board of directors elected President and Chief Operating Officer Tim Sloan to succeed him as CEO, while Lead Director Stephen Sanger will serve as the board's non-executive chairman.

Last month, Sen. Elizabeth Warren accused Stumpf of "gutless leadership" and said he had not held himself accountable for the bank's actions.

As I said: @WellsFargo CEO Stumpf should resign, return every nickel he made during the scam, & face DOJ/SEC investigation. He’s 1 for 3.

— Elizabeth Warren (@SenWarren) October 12, 2016

 

Wells Fargo new CEO Tim Sloan said, “It’s a great privilege to have the opportunity to lead one of America’s most storied companies at a critical juncture in its history.  My immediate and highest priority is to restore trust in Wells Fargo.

John Stumpf said in a statement that he was "grateful for the opportunity to have led Wells Fargo" and is optimistic about the bank's future. "While I have been deeply committed and focused on managing the Company through this period, I have decided it is best for the Company that I step aside," he said in a statement.

Source: Wells Fargo