Sloan, a three-decade veteran of Wells Fargo (WFC), 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.
"I have decided it is best for the company that I step aside," Sloan said in a statement.
Sloan, who became CEO in 2016 in the midst of a national backlash over Wells Fargo's fake-accounts scandal, said the bank has made progress in some areas but still has more work to do.
"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.
"Although we have many talented executives within the company," Wells Fargo Chairwoman Elizabeth Duke said, "the board has concluded that seeking someone from the outside is the most effective way to complete the transformation at Wells Fargo."
Duke, a former Federal Reserve official, credited Sloan with serving Wells Fargo "with pride and dedication" and for working "tirelessly" as CEO.
https://www.cnn.com/2019/03/28/investing/wells-fargo-ceo-retire-tim-sloan/index.html
2019-03-28 21:30:22Z
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