Wells Fargo CEO Tim Sloan is retiring

Wells Fargo CEO Tim Sloan is retiring from the firm effective June 30, the firm said in a press release out after Thursday’s closing bell. He will also be leaving his post as president and a member of the bank’s board.

Allen Parker, who was previously the bank’s general counsel, while serve as interim CEO and president effective immediately. He will also take Sloan’s vacated seat on the company’s board. The company will begin its search for a new CEO and president.

“Tim Sloan has served this Company with pride and dedication for more than 31 years, including in his role as CEO since October 2016,” Wells Fargo Board Chair Betsy Duke said in the press release.

“He has worked tirelessly over this period for all of our stakeholders in the best long-term interest of Wells Fargo. His decision, and today’s announcement, reflect that commitment and his belief that a new CEO at this time will best position the Company for success.”

This story is developing. Check back for updates.

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