Wednesday, October 12, 2016 - 18:53

Eric C. Peck - NMP Editor in Chief

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Wells Fargo has announced that Chairman and Chief Executive Officer John Stumpf has informed the company’s Board of Directors that he is retiring effective immediately. The Board elected Tim Sloan, the company’s president and chief operating officer, to succeed him as CEO, and Stephen Sanger, its lead director, to serve as the Board’s non-executive chairman, and independent director Elizabeth Duke to serve as vice chair. Sloan also was elected to the Board.

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