Cenk Uygur
@TheYoungTurks·6.5M subscribers·72.8K videos
Disgraced Wells Fargo CEO Resigns
Posted
October 14, 2016
Views
199,707
Likes
4,124
Comments
653
Engagement
2.39%
October 14, 2016
199,707
4,124
653
2.39%
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9:13Now PlayingJohn Stumpf is stepping down. Cenk Uygur, host of The Young Turks, breaks it down. Tell us what you think in the comment section below. CLICK HERE to become a Wolf PAC member
“John Stumpf, the embattled CEO of Wells Fargo (WFC), unexpectedly retired from the company on Wednesday effective immediately.
Stumpf's move comes just weeks after he was grilled by two congressional panels over the way the bank handled an alleged scam where upwards of 2 million accounts were created by employees without the knowledge of customers. The accounts were allegedly opened so thousands of employees could meet aggressive sales goals set by management. Stumpf was widely criticized for the way he handled the questioning, pushing the blame to lower-level employees and not holding upper-level executives, including himself, responsible.
Stumpf, 63, is resigning as both CEO and chairman. He has been CEO since June 2007 and has worked for the company for 34 years. The fact that Stumpf, the company's top executive, was also the chairman of the board was another point brought up by lawmakers questioning why the bank didn't act sooner to deal with the widening scandal. The roles are split, now. The company's president and chief operating officer, Tim Sloan, 55, will replace Stumpf as CEO. Sloan was head of the Wells Fargo unit that made loans to large corporate customers and not directly tied to the alleged consumer banking fraud. Stephen Sanger, a former Yoplait USA president and member of the Wells Fargo board since 2003, was named as the board's non-executive chairman.”
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