Wells Fargo chief resigns amid demands to fix the company’s culture

‘I could not keep myself in a position where I was becoming a distraction,’ said the bank’s chief and president Tim Sloan. A new leader will be hired from outside the company.

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Wells Fargo is searching for its third leader in less than three years.

On Thursday, the bank’s chief executive and president, Tim Sloan, announced his retirement.

We want to share an update on our company leadership. After more than 31 years on our team, Tim Sloan is retiring as our CEO. Our Board of Directors has elected an interim CEO and is starting an external search to fill the position permanently. pic.twitter.com/yfwUWqq5ns

— Wells Fargo (@WellsFargo) March 28, 2019

Sloan took over in October 2016, after former Wells Fargo chief John Stumpf resigned over a scandal in which 5,300 employees were fired for creating millions of unauthorized bank and credit card accounts. Wells Fargo paid $185 million in fines.

CNN Business reported:

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