Welcome to our website!

Welcome to our website!

Welcome to our website!

Wells Fargo CEO Stumpf to resign immediately

Wells Fargo CEO John Stumpf
Wells Fargo CEO John Stumpf testifies before the House Financial Services Committee investigating Wells Fargo’s opening of unauthorized customer accounts, on Capitol Hill in Washington, Thursday, Sept. 29, 2016.

SAN FRANCISCO (AP) — Wells Fargo’s embattled CEO John Stumpf has resigned, effective immediately, as the nation’s second-largest bank is roiled by a scandal over its sales practices.

The San Francisco bank said Wednesday that Stumpf will also relinquish his title as chairman. Its chief operating officer, Tim Sloan, will succeed Stumpf as CEO.

Stumpf had led Wells Fargo since 2007.

He faced congressional hearings and consumer wrath after Wells Fargo was found to have opened millions of bank accounts without customers’ permission.

Stephen Sanger, the bank’s lead director, will serve as the board’s non-executive chairman. Independent director Elizabeth Duke will serve as vice chair.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *