Wells Fargo CEO resigns after 31 years of service

Source: Xinhua | 2019-03-29

Timothy Sloan, CEO and president of Wells Fargo & Company, one of the leading U.S. banks, stepped down Thursday after serving the bank for more than 31 years.
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," Wells Fargo said in a statement.
The San Francisco-headquartered bank said it has elected its General Counsel Allen Parker as interim CEO and president (and member of the Board), and an external search process will now begin for Sloan's replacement.
Sloan was promoted to the office of CEO in October 2016 in the wake of outrage over a fake accounts scandal, which forced Sloan's predecessor John Stumpf to step down.
In September 2016, Wells Fargo admitted that 2 million potentially unauthorized checking and credit card accounts were opened between 2011 and 2015. Bank employees faked signatures and pin numbers to sign up consumers for accounts and credit cards without their knowledge.
According to Thursday's statement, Parker, 64, served as senior executive vice president and general counsel at Wells Fargo from March 2017 to March 2019.