Early Retirement for Wells Fargo CEO Stumpf

After facing a barrage of criticism from the media and American public, Wells Fargo & Co. Chairman and Chief Executive Officer John Stumpf decided to step down. Stumpf served as the bank’s CEO since 2007.

Ratings firm Morningstar named Stumpf CEO of the Year in 2015.

Wells Fargo was pilloried in the public for its pressure-cooker sales tactics and scandal that resulted in governmental fines and layoffs of Wells Fargo employees over a 5-year period that were tied to it. Stumpf who spent around 34 years at Wells Fargo is being replaced by Timothy J. Sloan, the bank’s president and chief operating officer (COO). Stumpf will not receive a severance package and the Wells Fargo board agreed to relinquish some US$ 41 million in unvested Wells Fargo stock awards.

“I am grateful for the opportunity to have led Wells Fargo,” Stumpf said in a statement on October 12, 2016. “While I have been deeply committed and focused on managing the Company through this period, I have decided it is best for the company that I step aside.”

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