Wells Fargo Splits Chairman, CEO Roles After Sales Scandal
Wells Fargo is splitting the jobs of chairman and CEO and making other major changes to the composition of its board of directors in an effort to make the bank more accountable following a scandal over sales practices.
The bank said Thursday it will now have two people for the chairman and CEO jobs. The chairman and vice chairman will have to be independent directors who don’t own shares in the company.
Wells’ previous chief executive, John Stumpf, held both the CEO and chairman jobs before he abruptly retired in October. Stumpf was replaced by Tim Sloan, and Stephen Sanger is Wells’ chairman.
In September the San Francisco-based bank admitted that its employees may have opened up to 2 million customer accounts fraudulently in order to meet ambitious sales goals.