John Stumpf, who has been at the helm of the nation's second-largest bank as its CEO and chairman, is retiring, effective immediately. Wells Fargo's chief operating officer, Tim Sloan, will succeed Stumpf as CEO, and Stephen Sanger, the bank's lead director, will serve as the board's non-executive chairman. Stumpf, a 34-year veteran of the bank, had previously gained acclaim for navigating Wells Fargo through the financial crisis and keeping it free of scandal. But he faced congressional hearings and consumer wrath last month after Wells Fargo was found to have opened millions of unauthorized bank accounts.
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Topic in-depthThe senator wasn’t playing checkers. The former Harvard law professor was playing Kasparov-grade chess.