SAN FRANCISCO (AP) — 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.
More stories you may like on 7News
Two people are in critical condition after two separate shootings in Anderson County, according to deputies.
GREENVILLE, S.C. (WSPA) – People are fired up to protest across the country days before president-elect Trump is inaugurated. One of the big…
Two people have been arrested after leading the Anderson County Sheriff on a short chase in Anderson.
ANDERSON, S.C. (WSPA) – A community concerned about a recent disturbance that closed down the Anderson Mall is sparking some change. Police …
Homeland Security has given South Carolina another extension to make changes to state drivers licenses.