Wells Fargo CEO Tim Sloan is retiring

Wells Fargo CEO Timothy Tim SloanRichard Drew/AP Images

Wells Fargo CEO Tim Sloan is retiring from the firm effective June 30, the firm said in a press release out after Thursday’s closing bell. He will also be leaving his post as president and a member of the bank’s board. Sloan has been in senior management positions at the bank since 2011. Wells Fargo shares were up 2.5% following the news. 

Allen Parker, who was previously the bank’s general counsel, while serve as interim CEO and president effective immediately. He will also take Sloan’s vacated seat on the company’s board. The company will begin its search for a new CEO and president. 

“Tim Sloan has served this Company with pride and dedication for more than 31 years, including in his role as CEO since October 2016,” Wells Fargo Board Chair Betsy Duke said in the press release. 

“He has worked tirelessly over this period for all of our stakeholders in the best long-term interest of Wells Fargo. His decision, and today’s announcement, reflect that commitment and his belief that a new CEO at this time will best position the Company for success.”

Sloan’s departure from the bank comes following a slew of scandals over the past several years that occurred while he was in senior management positions. 

In September 2016, it was discovered that Wells Fargo imporoperly opened 1.5 million deposit accounts and over 500,000 credit-card accounts. Six months later, it found that the bank had opened a total of 3.5 million accounts that were unauthorized.  

This story is developing. Check back for updates.