Following a four-year tenure that was marred by scandals, Wells Fargo’s Chief Executive Officer has thrown in the towel.
Making the announcement Thursday afternoon, Tim Sloan said he’s stepped down from his roles as CEO, president and member of the board of directors. He’ll cut his remaining ties to Wells Fargo when he officially retires on June 30, he said.
Sloan came aboard less than four years ago to replace John Stumpf, who resigned after it was discovered the bank had opened millions of fraudulent bank accounts to meet unrealistic sales goals. However, under Sloan’s rule, the bank was found to have jacked up customers’ car loan payments by tacking on unnecessary insurance fees. Another scandal erupted when the bank “accidentally” foreclosed on thousands of homes.
Source: https://sanfrancisco.cbslocal.com/2019/03/28/wells-fargo-ceo-tim-sloan-resigns/
