Wells Fargo: shares fall after CEO leaves

(CercleFinance.com) - Wells Fargo shares fell on Friday after the US bank announced the unexpected departure of its chief executive Tim Sloan.


The shares were down 0.9% at 48.6 dollars in early trading, making them the worst performer on the S&P 500 Financials index.

Late on Thursday, the San Francisco-based bank said that Tim Sloan would retire effective as of 30 June, and step down as CEO, president, and board member, effective immediately.

"It has become apparent to me that our ability to successfully move Wells Fargo forward from here will benefit from a new CEO and fresh perspectives," Sloan said in a statement.

Wells Fargo said that it has chosen Allen Parker - who served as general counsel - as interim CEO, president and member of the Board, effective immediately.

An external search process will now begin for a new CEO, the group said.

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