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Wells Fargo & Co.’s embattled chief executive, Tim Sloan — who has struggled to get the giant San Francisco bank past a seemingly endless series of customer abuse scandals — is retiring. He is stepping down as CEO, president and board member, effective immediately, and his retirement takes effect June 30, Wells Fargo announced Thursday. His interim replacement will be C. Allen Parker, who has served as the company’s general counsel.
Rep. Maxine Waters on Thursday called for the firing of Wells Fargo & Co. Chief Executive Tim Sloan after the bank reported his pay increased last year by nearly $1 million despite continued consumer scandals. The 4.9% increase in total compensation in 2018, to $18.4 million, included a $2-million bonus, Wells Fargo said in a regulatory filing on Wednesday. Sloan earned $2.4-million base pay both years.
President Trump said Friday that he planned to nominate Stephen Moore, a conservative economist and commentator who served as a Trump campaign advisor, to a seat on the Federal Reserve board. Moore, who has been a prominent critic of the Fed, would fill one of two vacancies on the central bank’s seven-member Board of Governors. Trump confirmed reports of the nomination when he talked to reporters after arriving on Air Force One in Palm Beach, Fla.
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