JUST IN: Wells Fargo has announced the sudden retirement of CEO Tim Sloan as the bank struggles to overcome a litany of scandals
Sloan, a three-decade veteran of Wells Fargo , said it was his decision to relinquish control of Wells Fargo as a way to help the bank move forward. Wells Fargo's board pledged to find an outsider to replace Sloan, who plans to retire at the end of June.The shake-up comes as Wells Fargo has faced repeated calls from politicians, including Senator Elizabeth Warren, to find new leadership to fix its broken culture.
4 million last year"It has become apparent to me" that Wells Fargo will"benefit from a new CEO and fresh perspective," Sloan said.Wall Street seems to agree. Wells Fargo's shares rose 3% in after-hours trading following the news. Wells Fargo said that Sloan will be replaced on an interim basis by C. Allen Parker, the bank's general counsel, as the board searches for an external successor.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Wells Fargo CEO Tim Sloan to step down immediatelyTim Sloan, a 31-year veteran of the company, has spent years apologizing for the bank’s bad behavior and attempting to rebuild its reputation with customers, regulators and lawmakers. That was not enough for the bank's critics.
Read more »
Wells Fargo CEO Tim Sloan is retiring as bank struggles to get past scandalsTim Sloan took over as Wells Fargo's chief executive in 2016 after former CEO John Stumpf resigned amid the controversy over the creation of millions of accounts without customer authorization.
Read more »
Wells Fargo CEO Tim Sloan to step downWells Fargo & Co. said late Thursday Chief Executive Officer and President Timothy J. Sloan has informed the company's board he is retiring on June 30...
Read more »
Wells Fargo CEO Tim Sloan to suddenly retireWells Fargo CEO Tim Sloan is stepping down immediately as the bank struggles to overcome a litany of scandals
Read more »
Wells Fargo CEO Sloan steps down after rocky tenureNEW YORK (AP) — Wells Fargo Chief Executive Tim Sloan is stepping down, effective immediately, after less than four years on the job during which the troubled bank dealt with a seemingly unending...
Read more »
Wells Fargo CEO Tim Sloan retiring, shares jump
Read more »
Wells Fargo CEO Timothy Sloan Will Step DownWells Fargo said CEO Timothy Sloan will step down immediately and retire from the company June 30; the bank's general counsel will be interim CEO
Read more »
Former Goldman exec Harvey Schwartz is not interested in Wells Fargo CEO jobContrary to reports, the former president and co-chief operating officer at Goldman has not interviewed for the Wells position.
Read more »
Former Goldman Sachs exec Howard Schwartz reportedly turned down the top spot at Wells FargoSchwartz lost out on the position of CEO of Goldman Sachs a year ago in a heated race which saw him lose out to now CEO David Solomon.
Read more »