SAN FRANCISCO – October 12, 2016; Wells Fargo’s embattled CEO John Stumpf has resigned, effective immediately, as the nation’s second-largest bank is roiled by a scandal over its sales practices.
The San Francisco bank said Wednesday that Stumpf will also relinquish his title as chairman. Its chief operating officer, Tim Sloan, will succeed Stumpf as CEO.
Stumpf had led Wells Fargo since 2007.
He faced congressional hearings and consumer wrath after Wells Fargo was found to have opened millions of bank accounts without customers’ permission.
Stephen Sanger, the bank’s lead director, will serve as the board’s non-executive chairman. Independent director Elizabeth Duke will serve as vice chair.
EDITOR’S NOTE: WHY WAS STUMPF’S HAND BANDAGED? WAS IT BECAUSE HE GOT IT CAUGHT IN THE TILL?
STUMPF IN GERMAN MEANS: THAT IS ALL THAT IS LEFT AFTER THEY CUT DOWN THE MONEY TREE.
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