Tom Williams/CQ Roll Call via Getty Images(NEW YORK) — Wells Fargo CEO John Stumpf will retire from the company effective immediately the bank said on Wednesday, as it continues to deal with an accounts scandal that has rocked it for over a month.
Since regulators slapped the bank with a $185 million fine on Sept. 8, Stumpf has faced near constant calls to step down and has been subject to two bruising congressional hearings.
The bank’s board, of which Stumpf was the chairman, elected Tim Sloan who had been the company’s Chief Operating Officer and President to replace the outgoing CEO immediately, the bank said.
Stumpf, who had been with the company for 34 years, had been CEO since June 2007 and chairman of the board since January 2010.
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