The CEO of Wells Fargo is out
Source: Business Insider
The CEO of Wells Fargo is out
Matt Turner and Bob Bryan
John Stumpf, the chairman and CEO of Wells Fargo is retiring effective immediately.
Stumpf has recently come under fire for a scandal in which 2 million credit and debit card accounts were opened by bank employees without the knowledge of customers.
His successor, Tim Sloan, is chief operating officer of the firm and has been with the bank for over 25 years. Sloan has primarily worked in commercial real estate lending during his time at the bank, and had only taken the position as COO in November.
The bank also appointed Stephen Sanger as non-executive chairman, splitting the CEO and chairman role. Elizabeth Duke has been named vice chair.
Stumpf resigns just two weeks after lawmakers, most notably Senator Elizabeth Warren, called for the CEO's resignation. Lawmakers also pushed for a split of the chairman and CEO roles.
Read more: http://www.businessinsider.com/wells-fargo-ceo-john-stumpf-out-2016-10
Aristus
(66,509 posts)DK504
(3,847 posts)So boo-boo kitty only has to resign? No indictment? No surrendering of illegal profits? No jail time?
So why haven't the COO, the CFO, ASSHOLES, mid-management or upper management been thrown out on their ass or had their asses hailed off to jail?
So nice to see the DOJ falling down on the job as usual.
Iggo
(47,586 posts)CaliforniaPeggy
(149,762 posts)That's just lovely.
LakeVermilion
(1,046 posts)CaliforniaPeggy
(149,762 posts)I loved hearing Elizabeth Warren take that scummy CEO to task as well. She is a powerhouse!
Alan Johnson, managing director of compensation consulting firm Johnson Associates said: "Whatever progress had been made in lobbying some features now has been set back to zero, he said. Who is going to listen to the banking industry now?
We shouldn't be listening to these people; we should be prosecuting them.
turbinetree
(24,745 posts), he gets a pardon, prior to being charged criminally and he goes off in the sun set and collects his retirement. And he says he wasn't a crook.
This is just totally wrong, and 5300 other people involved in this shenanigans gets fired, and whatever they have in there 401K is being used up to survive, because there resume looks like crap. And then this "guys' 401K is safe and sound and his stock options
Why do people go to a bank?
Why not join a credit union? And become a partner and owner!!!
houston16revival
(953 posts)Progress is measured in small increments
If the two parts are completed, it will definitely be
"One small step for man, one giant leap for mankind"
ChairmanAgnostic
(28,017 posts)Teh Donald is only going to get worse as voting day approaches. I would not rule out violence on the part of his gaggle of silly geese.
onehandle
(51,122 posts)So much for that...
Eugene
(61,974 posts)He's only getting a $134m retirement payout
without a golden parachute. It's not fair! /sarc
http://www.usatoday.com/story/money/business/2016/10/12/well-fargos-stumpf-may-envy-exit-pay-other-ceos/91970656/
INdemo
(6,994 posts)Last edited Wed Oct 12, 2016, 11:30 PM - Edit history (1)
Majority Leader !!!!
Chicago1980
(1,968 posts)INdemo
(6,994 posts)Last edited Wed Oct 12, 2016, 11:29 PM - Edit history (1)