Wells Fargo announced General Counsel Allen Parker will leave the company, effective March 31, 2020, “to pursue other business opportunities.”
Leaving law firm Cravath Swaine & Moore, Parker joined Wells Fargo as general counsel in March 2017, when the bank was in the midst of a series of scandals, including one that involved the widespread practice of employees secretly opening as many as 3.5 million unauthorized deposit and credit-card accounts. Parker then served as interim CEO and president from March 2019 to October 2019, before returning to the general counsel role.
“I want to thank Allen for his dedication to Wells Fargo and his many contributions as general counsel and interim CEO,” said his replacement, the new Wells Fargo CEO and President Charlie Scharf. “He has demonstrated exemplary leadership, both in moving the company forward during an important period in our history and in his active engagement with team members and all stakeholders.”
Wells Fargo said it “will commence a search for a new general counsel immediately, with the goal being that Parker will assist in a smooth transition.”