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Wells Fargo CEO Timothy Sloan Steps Down

Wells Fargo & Company (WFC) announced that its Chief Executive Officer and President Timothy Sloan has decided to retire from the Company, effective June 30, 2019, and to step down as CEO, president, and Board member effective immediately.

The Board has elected Allen Parker, who served as the Company's General Counsel, as interim CEO and President (and member of the Board), effective immediately.

The company stated that an external search process will now begin for the company's new CEO and President.

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