Wells Fargo CEO Tim Sloan quits, succumbing to pressure from critics

Ever since Sloan took the helm in 2016, he's faced calls for his ouster from critics including Senator Elizabeth Warren, a Democrat running for president

Wells Fargo & Co. Chief Executive Officer Tim Sloan gave in to critics and abruptly stepped down Thursday, after the 31-year company veteran struggled to tame a range of scandals, launching the fourth-largest U.S. bank into a hasty search for a successor.

Sloan, 58, will be replaced on an interim basis by the firm’s general counsel, C. Allen Parker. The board said it plans to look externally for a permanent replacement. The stock climbed in early trading Friday. 

Ever since Sloan took the helm in 2016, he’s faced calls for his ouster from critics including Senator Elizabeth Warren, a Democrat running for