San Marino resident and Wells Fargo President and Chief Operating Officer Tim Sloan became CEO of the bank on Wednesday. He will retain the title of president.
The bank’s board of directors selected Sloan to replace former Chairman and CEO John Stumpf, who announced his retirement on Wednesday.
Stumpf resigned following revelations that employees in Well’s Fargo’s community banking division opened up approximately two million accounts without customer authorization. Wells Fargo paid $185 million in fees for that action.
“While I have been deeply committed and focused on managing the company through this period, I have decided it is best for the company that I step aside. I know no better individual to lead this company forward than Tim Sloan,” Stumpf said in a statement.
Sloan said, “It’s a great privilege to have the opportunity to lead one of America’s most storied companies at a critical juncture in its history. My immediate and highest priority is to restore trust in Wells Fargo. It’s a tremendous responsibility, one which I look forward to taking on, because of the incredible caliber of our people, and the opportunity we have to impact the lives of our millions of customers around the world. We will work tirelessly to build a stronger and better Wells Fargo for generations to come.”
Sloan was named President and COO of Wells Fargo in November, 2015. He has been with the bank for 29 years.
Active in most areas of community service, Sloan was named San Marino’s ‘Citizen of the Year’ by The Tribune in 2011.
Sloan and his wife, Lisa, have three children, all of whom graduated from San Marino High School.
