The CEO of Wells Fargo is out
Source: Business Insider
The CEO of Wells Fargo is out
Matt Turner and Bob Bryan
John Stumpf, the chairman and CEO of Wells Fargo is retiring effective immediately.
Stumpf has recently come under fire for a scandal in which 2 million credit and debit card accounts were opened by bank employees without the knowledge of customers.
His successor, Tim Sloan, is chief operating officer of the firm and has been with the bank for over 25 years. Sloan has primarily worked in commercial real estate lending during his time at the bank, and had only taken the position as COO in November.
The bank also appointed Stephen Sanger as non-executive chairman, splitting the CEO and chairman role. Elizabeth Duke has been named vice chair.
Stumpf resigns just two weeks after lawmakers, most notably Senator Elizabeth Warren, called for the CEO's resignation. Lawmakers also pushed for a split of the chairman and CEO roles.
Read more: http://www.businessinsider.com/wells-fargo-ceo-john-stumpf-out-2016-10
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That's just lovely.
I loved hearing Elizabeth Warren take that scummy CEO to task as well. She is a powerhouse!
Alan Johnson, managing director of compensation consulting firm Johnson Associates said: "Whatever progress had been made in lobbying some features now has been set back to zero,” he said. “Who is going to listen to the banking industry now?”
We shouldn't be listening to these people; we should be prosecuting them.
