Wells Fargo CEO Abruptly Steps Down, Succumbing to Scandals
- Board names interim CEO while looking for external successor
- Chair credits Sloan with ‘working tirelessly’ over 31 years
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Wells Fargo & Co. Chief Executive Officer Tim Sloan gave in to critics and abruptly stepped down Thursday, after the 31-year company veteran struggled to tame a range of scandals, launching the fourth-largest U.S. bank into a hasty search for a successor.
Sloan, 58, will be replaced on an interim basis by the firm’s general counsel, C. Allen Parker. The board said it plans to look externally for a permanent replacement. The stock climbed in early trading Friday.