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Anonymous ID: 071fb2 March 28, 2019, 2:01 p.m. No.5948694   🗄️.is đź”—kun

Wells Fargo CEO Sloan 'Retires'

 

Having taken over in October 2016 after his predecessor stepped down amid the scandal, Chief Executive Officer and President Timothy J. Sloan has informed the board of his decision to retire from the company, effective June 30, and to step down as CEO, president and board member immediately.

 

An external search process will now begin for the new CEO and President, but the Board has elected C. Allen Parker as interim CEO and President.

Under so much pressure and negative political pressure, it is perhaps no surprise that Sloan has stepped down

Wells Fargo & Company (NYSE: WFC) announced today that Chief Executive Officer and President Timothy J. Sloan has informed the Company’s Board of Directors of his decision to retire from the Company, effective June 30, 2019, and to step down as CEO, president, and Board member effective immediately. The Board has elected C. Allen Parker, who served as the Company’s General Counsel, as interim CEO and President (and member of the Board), effective immediately. An external search process will now begin for the Company’s new CEO and President.

 

Wells Fargo Board Chair Betsy Duke said, “Tim Sloan has served this Company with pride and dedication for more than 31 years, including in his role as CEO since October 2016. He has worked tirelessly over this period for all of our stakeholders in the best long-term interest of Wells Fargo. His decision, and today’s announcement, reflect that commitment and his belief that a new CEO at this time will best position the Company for success.”

 

Sloan said, “I have been very fortunate to work for such a great Company, and with so many dedicated team members, for more than 31 years, and I am very proud of what we have accomplished together. In my time as CEO, I have focused on leading a process to address past issues and to rebuild trust for the future. We have made progress in many areas and, while there remains more work to be done, I am confident in our leadership team and optimistic about the future of Wells Fargo. However, it has become apparent to me that our ability to successfully move Wells Fargo forward from here will benefit from a new CEO and fresh perspectives. For this reason, I have decided it is best for the Company that I step aside and devote my efforts to supporting an effective transition.”

https://www.zerohedge.com/news/2019-03-28/senator-warren-wins-wells-fargo-ceo-sloan-retires