Tim Sloan steps down as CEO of Wells Fargo

Wells Fargo has announced today that Timothy J. Sloan will step down as CEO, president, and Board member effective immediately. Sloan has served as CEO since October 2016 when it was discovered that the bank improperly opened 1.5 million deposit accounts and over 500,000 credit-card accounts.

In a statement, Wells Fargo Chairman Betsy Duke said: “Tim Sloan has served this Company with pride and dedication for more than 31 years, including in his role as CEO since October 2016. He has worked tirelessly over this period for all of our stakeholders in the best long-term interest of Wells Fargo. His decision, and today’s announcement, reflect that commitment and his belief that a new CEO at this time will best position the Company for success.”

C. Allen Parker has been appointed interim CEO and President (and member of the Board), effective immediately. Parker, 64, served as Senior Executive Vice President and General Counsel at Wells Fargo from March 2017 to March 2019. Previously, he was presiding partner at the law firm of Cravath, Swaine & Moore from January 2013 until December 2016, where he was responsible for development and implementation of firm-wide strategy and day-to-day firm leadership, including financial analysis and reporting, business development, risk management, and public relations.

An external search process will now begin for the Company’s new CEO because "the Board has concluded that seeking someone from the outside is the most effective way to complete the transformation at Wells Fargo."