Wells Fargo’s CEO Tim Sloan stepped down Thursday after a rocky tenure during which the deeply troubled bank dealt with a seemingly unending wave of scandals.
Sloan said in a statement he will give up his roles as CEO, president and member of the bank’s board of directors effective immediately. He will retire from the bank completely on June 30.
Sloan’s led the banking giant for less than four years. A longtime insider, Sloan was chosen to replace outgoing CEO John Stumpf, who resigned after Wells Fargo employees were found to have opened millions of bank accounts fraudulently in order to meet unrealistic sales goals.
FILE- In this March 12, 2019, file photo Wells Fargo CEO Timothy Sloan is questioned by the House Financial Services Committee on Capitol Hill in Washington. Sloan stepped down on Thursday, March 28, 2019, effective immediately, after less than four years on the job during which the deeply troubled bank dealt with a seemingly unending wave of scandals. (AP Photo/J. Scott Applewhite, File)The choice of Sloan did not go over well. He was the bank’s chief financial officer under Stumpf, and while Sloan said he had no knowledge of the bank’s bad practices, he was seen as the wrong choice for a bank that needed outside assistance to help clean up its act.
Nevertheless, Sloan staked his legacy at Wells Fargo around his ability to clean up the bank after the sales practices scandal.