Wells Fargo’s Tim Sloan, is giving up his role as CEO, President, and his seat on the board, effective immediately. Sloan believes that he’s becoming too much of a political target since the bank has struggled to overcome a wave of scandals.
Wells Fargo’s Board of Director has chosen its general counsel, Allen Parker to serve at interim CEO and President until an outsider is hired for the position. Sloan was the leader of the bank for more than three years. He will fully retire from Wells Fargo on June 30th.