News

Wells Fargo CEO steps down

March 28, 2019

Wells Fargo & Company has announced that CEO and president Timothy J. Sloan has informed the company's board of directors of his decision to retire from the company, effective June 30, and to step down as CEO, president and board member effective immediately. 

The board has elected general counsel C. Allen Parker as interim CEO, president and member of the board, effective immediately. An external search process will now begin for a new CEO, according to a press release.

Sloan's tenure at Wells Fargo spanned 31 years. He was named CEO in October 2016. In a statement Sloan said the time had come for him to step down:

I have been very fortunate to work for such a great company, and with so many dedicated team members, for more than 31 years, and I am very proud of what we have accomplished together. In my time as CEO, I have focused on leading a process to address past issues and to rebuild trust for the future. We have made progress in many areas and, while there remains more work to be done, I am confident in our leadership team and optimistic about the future of Wells Fargo. However, it has become apparent to me that our ability to successfully move Wells Fargo forward from here will benefit from a new CEO and fresh perspectives. For this reason, I have decided it is best for the company that I step aside and devote my efforts to supporting an effective transition.

Sloan became a center of controversy at Wells following his testimony earlier this month before the House Financial Services Committee. Chairwoman Maxine Waters, D-Calif., expressed outrage that the bank had awarded Sloan a $2 million bonus for 2018, despite having been fined $3 billion during the same year for improperly charging customers auto insurance and mortgage fees.