SAN FRANCISCO (AP) — Wells Fargo’s embattled CEO John Stumpf has resigned, effective immediately, as the nation’s second-largest bank is roiled by a scandal over its sales practices.
The San Francisco bank said Wednesday that Stumpf will also relinquish his title as chairman. Its chief operating officer, Tim Sloan, will succeed Stumpf as CEO.READ MORE: List: Philadelphia Area Food Banks
Stumpf had led Wells Fargo since 2007.READ MORE: Philadelphia Weather: Week Starts With Muggy Conditions Before Cold Front Arrives
He faced congressional hearings and consumer wrath after Wells Fargo was found to have opened millions of bank accounts without customers’ permission.
Stephen Sanger, the bank’s lead director, will serve as the board’s non-executive chairman. Independent director Elizabeth Duke will serve as vice chair.MORE NEWS: Coroner: 10 Victims Killed In Northeastern Pennsylvania House Fire Died Of Smoke Inhalation
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