Wells Fargo CEO Tim Sloan has stepped down; search on for successor

Wells Fargo CEO and president Tim Sloan has stepped down as CEO, president and board member effective immediately ahead of his June retirement, the bank announced Thursday.

Wells Fargo has named C. Allen Parker, who served as the company’s general counsel, as interim CEO and president, the company said in a statement. A search for the company’s next CEO and president is now underway.

“Tim Sloan has served this Company with pride and dedication for more than 31 years, including in his role as CEO since October 2016,” Wells Fargo Board Chair Betsy Duke said in the statement. “He has worked tirelessly over this period for all of our stakeholders in the best long-term interest of Wells Fargo.”

Sloan said he has worked for the company for more than 31 years.

“In my time as CEO, I have focused on leading a process to address past issues and to rebuild trust for the future,” Sloan said. “We have made progress in many areas and, while there remains more work to be done, I am confident in our leadership team and optimistic about the future of Wells Fargo.”

In the statement, Sloan said it “has become apparent to me that our ability to successfully move Wells Fargo forward from here will benefit from a new CEO and fresh perspectives.”

“For this reason, I have decided it is best for the Company that I step aside and devote my efforts to supporting an effective transition,” Sloan said.

This story will be updated.

Follow Kelly Tyko on Twitter: @KellyTyko

 

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