Breaking News Alert: Wells Fargo CEO John Stumpf resigns in wake of scandal

[applegrove]

Boston Globe

http://www.bostonglobe.com/business/2016/10/12/wells-fargo-ceo-john-stumpf-resigns-wake-scandal/fA3Uu0XjXXNQXjpNpMbnMN/story.html

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SAN FRANCISCO — Wells Fargo’s embattled CEO John Stumpf is stepping down as the nation’s second-largest bank is roiled by a scandal over its sales practices.

The San Francisco bank said Wednesday that Stumpf is retiring effective immediately and also relinquishing his title as chairman. It had earlier announced that Stumpf, the bank’s CEO since 2007, will forfeit $41 million in stock awards.


Wells Fargo’s chief operating officer, Tim Sloan, will succeed Stumpf as CEO. Stephen Sanger, the bank’s lead director, will serve as the board’s non-executive chairman.

The move comes after Senator Elizabeth Warren confronted Stumpf in September, accusing him of “gutless leadership” and calling for his resignation during a hostile Senate hearing focused on the bank’s years-long practice of creating phony accounts in customers’ names.

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[applegrove]

1. That is very good. There is now a risk to CEOs for pushing risky policy and quotas.

[malaise]

2. Thanks Elizabeth Warren

You rock

[geardaddy]

3. I'm sure he got a nice golden parachute.

Good riddance to bad rubbish.

[Rex]

4. Well of course he did, he has to move on to his next biggest scam.

No doubt such a huge scam will give him bonus points at the next bank he helps defraud clients.

[Initech]

5. He should have his assets seized and he should be thrown in prison.