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: Caught On Camera: Violent Street Takeover Crash Damages El Tarasco Restaurant In Slymar
Stumpf had led Wells Fargo since 2007.READ MORE: Inside The #FreeBritney Movement And The Conservatorship That Sparked It Ahead Of Wednesday's Court Appearance
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: Scarlett Johansson To Receive American Cinematheque Honor
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