Wells Fargo Chairman, CEO John Stumpf Retires; Effective Immediately


Wells Fargo Chairman, CEO John Stumpf Retires; Board of Directors Elects Tim Sloan CEO, Director; Appoints Lead Director Stephen Sanger Chairman, Director Elizabeth Duke Vice Chair

Wells Fargo & Company (NYSE:WFC) announced today that Chairman and Chief Executive Officer John Stumpf has informed the Company’s Board of Directors that he is retiring from the Company and the Board, effective immediately. The Board has elected Tim Sloan, the Company’s President and Chief Operating Officer, to succeed him as CEO, and Stephen Sanger, its Lead Director, to serve as the Board’s non-executive Chairman, and independent director Elizabeth Duke to serve as Vice Chair. Sloan also was elected to the Board.

Sloan’s appointment to CEO and election to the Board are effective immediately. He will retain the title of President.

Sanger said, “John Stumpf has dedicated his professional life to banking, successfully leading Wells Fargo through the financial crisis and the largest merger in banking history, and helping to create one of the strongest and most well-known financial services companies in the world. However, he believes new leadership at this time is appropriate to guide Wells Fargo through its current challenges and take the Company forward. The Board of Directors has great confidence in Tim Sloan. He is a proven leader who knows Wells Fargo’s operations deeply, holds the respect of its stakeholders, and is ready to lead the Company into the future.”

Stumpf, a 34-year veteran of the Company, joined Wells Fargo in 1982 as part of the former Norwest Bank, becoming Wells Fargo’s CEO in June 2007 and its chairman in January 2010.

“I am grateful for the opportunity to have led Wells Fargo,” Stumpf said. “I am also very optimistic about its future, because of our talented and caring team members and the goodwill the stagecoach continues to enjoy with tens of millions of customers. 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. I know no better individual to lead this company forward than Tim Sloan.”

Sloan said, “It’s a great privilege to have the opportunity to lead one of America’s most storied companies at a critical juncture in its history. My immediate and highest priority is to restore trust in Wells Fargo. It’s a tremendous responsibility, one which I look forward to taking on, because of the incredible caliber of our people, and the opportunity we have to impact the lives of our millions of customers around the world. We will work tirelessly to build a stronger and better Wells Fargo for generations to come.”

Sloan joined Wells Fargo 29 years ago, launching a career that would include numerous leadership roles across the Company’s wholesale and commercial banking operations, including as head of Commercial Banking, Real Estate and Specialized Financial Services. He became president and COO in November 2015, when he assumed leadership over the Company’s four main business groups: Community Banking, Consumer Lending, Wealth and Investment Management and Wholesale Banking. Previously, he headed the Wholesale Banking group after serving as the Company’s Chief Financial Officer and, prior to that, as the Company’s Chief Administrative Officer.

Sanger has been a member of the Wells Fargo Board since 2003, serving as its Lead Director since 2012. Sanger also chairs the Governance and Nominating Committee and is a member of Human Resources Committee and Risk Committee. He was CEO of General Mills, Inc., a leading packaged food producer and distributor, from 1995 until 2007. He served as chairman of General Mills from 1995 to 2008. He also serves on the board of Pfizer Inc.

Duke has been a member of the Wells Fargo Board since 2015. She served as a member of the Board of Governors of the Federal Reserve System from 2008 to 2013, where she served as Chair of the Federal Reserve’s Committee on Consumer and Community Affairs and as a member of its Committee on Bank Supervision and Regulation, the Committee on Bank Affairs, and the Committee on Board Affairs. She also previously held senior management positions at banks including Wachovia and SouthTrust.



5 Responses to “Wells Fargo Chairman, CEO John Stumpf Retires; Effective Immediately”
  1. Tom says:

    So now they show Wells Fargo doing damage control to try to find ways to regain the trust of their customers.
    Anyone that believes that is nuts!!!

    Let’s see! They use their customers to fraudulently steal their homes, create added on accounts that they didn’t know about, charge their customers fees on those added on accounts, and after they get caught they want to try to regain their customers trust?

    I think it’s more like they want to keep their customers around longer so they can hit them with their next round of scams and fraud to steal even more money from them later!
    After seeing the latest BIG BOSS walk away with millions for his retirement and not have to worry about being prosecuted and jail time, do you really think the new guy at the top is going to be any different?

    The only thing they care about with their customers is how much they can steal from them!
    As long as there are no consequences for their criminal behavior, it will remain “business as usual”.

  2. mike Drouin says:

    And what did Stumpf say when he was before the congressional committee ??? We make ” Mistakes ” !?!? So criminal behavior to the elite , are mistakes . Lies , are them miss-speaking …… But they take full responsibility ????? It’s pretty obvious that organized crime syndicate now runs this Country , and Hillary is the next crime boss !!!! This is the crap that happens in third world Countries where the dictators keep their people in an endless cycle of poverty !!! Those conditions are becoming more and more prevalent here in the US !!!! A vote for Clinton , is a vote to expedite those conditions !!!!

    • Tom says:

      And then they wonder why the crime rate is rising? The city of Chicago setting new records with the increase in murders?
      The politicians, so-called law enforcement, banksters, scumbag lawyers, corporate execs, really don’t care either.
      The crime rate going up is just another way the top people can blame everything on the poor.
      It keeps the attention off of them so they can continue financially raping the middle and lower class citizens.

      With as much corruption that is being exposed, and nothing being done to stop it, things are only going to get a lot worse.
      I can only imagine what this country will be like after the election.
      Violence is really going to skyrocket!
      The people at the top won’t do anything about it, as long as their pockets are being filled with cash stolen through their never ending scams and massive fraud.

      And our government controlled BS Media only causes more problems by protecting the wealthy corrupt.

      Like I said before, the banksters push their pens to rob their customers with never ending scams, they get caught, they receive bailouts and bonuses.
      Someone that robs a bank and gets caught, they go to jail.

      We have been living in a completely failed and broken system, all due to the corruption that has ruined it. And by the people in top positions who all have violated their OATHS OF OFFICE for personal gain!

      Isn’t it great to have to re-educate your kids on just how dirty this country is now? And tell them that most of what they learn in school can now be flushed down the toilet?

      And the “We the People” really don’t do a damn thing to stop it !!!
      I guess it’s like they say, as long as some people aren’t being affected by the corruption, they will look the other way.
      But then they’ll bitch like all hell when they end up getting targeted and want justice too!
      That so-called justice that doesn’t exist anymore for the victims.
      Real justice for all no longer exists because the corrupt courts have been turned into big money generators for the wealthy corrupt that also supplies protection for the wealthy corrupt.

      So yes, I’d have to say that Mike also described it as it is!

  3. Blu Loony says:

    Please try volunteering as an incentive Mr. Sloan.

    Wells Fargo should consider a new way of encouraging employees while helping the community. Volunteerism on company time would be a miracle for any community based 501c3. Only 2% of Wells Fargo’s work force volunteering 1 day a month would equal 1,000,000 volunteer hours yearly. The volunteer infrastructure is in place, Wells Fargo just needs to tap into the system. Wells Fargo employees could benefit from non-monetary incentives like a regional yearly retreat for volunteers.

    There are so many ways Wells Fargo employees could volunteer, churches, boys and girls clubs, public recreation programs, volunteer to work alongside participants of a court ordered labor program, elder care, and so much more. Wells Fargo should still get the tax break for labor cost if volunteering happens during work hours. It’s a win win and not much productivity lost if the volunteers plan ahead.

    I have many examples of Wells Fargo volunteering on my website: WFHurtMe.com

  4. Tom says:

    How convenient to work at a top level job that scams its customers with added on accounts they didn’t know about, scam millions of customers out of their homes with massive foreclosure fraud, drive the stock price up to collect more on stock options, pay back some of those ill-gotten gains in fines, and still walk away and retire with millions.
    And still NO jail time, again, for another bankster that is above all laws!

    I’ve seen people do a lot less on American Greed that ended up doing very long jail sentences!

    Hopefully people that had accounts with Wells Fargo will do like many others, and city governments, and quit their relationships with Wells Fargo and get in with their small local banks that aren’t in the business to continually find ways to ripoff their customers.

    They burn you once, they will do it again!!!

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