NEW YORK (AP) — Wells Fargo CEO John Stumpf is stepping down as the nation’s second-largest bank is roiled by a scandal over its sales practices.
The San Francisco bank said Wednesday that Stumpf is retiring effective immediately and also relinquishing his title as chairman. It had earlier announced that Stumpf, the bank’s CEO since 2007, will forfeit $41 million in stock awards.
Wells Fargo’s COO, Tim Sloan, will succeed Stumpf as CEO. Stephen Sanger, the bank’s lead director, will serve as the board’s non-executive chairman.
Stumpf faced congressional hearings and consumer wrath last month after Wells Fargo was found to have opened millions of unauthorized bank accounts.