Wells Fargo announced Thursday that Chief Executive Officer Timothy Sloan informed the banking giant’s board of directors that he will retire, effective June 30. In the meantime, he will immediately step down as CEO, president, and board member.
The board of directors, in response, elected C. Allen Parker, who served as the firm’s general counsel, as interim CEO and president, effective immediately. An external search process will soon begin for a new CEO and president.
