Wells Fargo CEO John Stumpf has resigned, a month after the bank settled with federal and Los Angeles officials over the fraudulent opening of unauthorized consumer accounts.
The bank announced the move late Wednesday and said its board of directors had elected President and Chief Operating Officer Tim Sloan to succeed Stumpf as CEO.
Stephen Sanger, the lead director of the board, will serve as the board’s non-executive chairman, while independent director Elizabeth Duke will serve as vice chair.