Wells Fargo & Co's (WFC.N) veteran chairman and chief executive officer, John Stumpf, is leaving the bank in the wake of a sales scandal and will be replaced as CEO by President and Chief Operating Officer Tim Sloan.
The San Francisco-based bank said on Wednesday that Stumpf was retiring with immediate effect. It is splitting the role of chairman and CEO with Stephen Sanger, its lead director, becoming chairman. Elizabeth Duke, an independent director, will be vice chair.