Wells Fargo's embattled CEO John Stumpf is stepping down as the nation's second-largest bank is roiled by a scandal over its sales practices.
The San Francisco bank said Stumpf is retiring effective immediately and also relinquishing his title as chairman. He won't be receiving severance pay and the bank announced earlier that he will forfeit $41 million in stock awards.
Wells Fargo's chief operating officer, Tim Sloan, will succeed Stumpf as CEO and join the company's board. Sloan has been with Wells Fargo for 29 years. Stephen Sanger, the bank's lead director, will serve as the board's non-executive chairman.
Stumpf's end at Wells Fargo comes a little over a month after the bank was fined by California and federal regulators $185 million over its sales practices.
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