Wells Fargo CEO Steps Down Amid Ongoing Scandals

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Wells Fargo CEO Steps Down Amid Ongoing Scandals
​In a statement, Sloan said "It has become apparent to me [that the company will] benefit from a new CEO and fresh perspective."
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Wells Fargo CEO Tim Sloan resigned unexpectedly on Thursday, leaving the company as it struggles to overcome several recent scandals.

Sloan, who plans on retiring at the end of June, said his decision to leave the company after three decades was entirely his own and that he wanted to give the organization a chance to move forward. In a statement, he said, "It has become apparent to me [that the company will] benefit from a new CEO and fresh perspective."

Sloan became CEO in 2016 in the midst of a scandal in which the company revealed it had fired nearly 5,300 employees in previous years for opening millions of fake accounts. That revelation led to both the resignation of CEO John Stumpf and hearings in Congress.

But the scandals have continued to mount since Sloan took over the post, with the company admitting to hitting customers with inappropriate mortgage fees and charging them for unnecessary car insurance.

Wells Fargo's general counsel, C. Allen Parker, will reportedly serve as interim CEO as the company searches for Sloan's replacement.

Additional reporting from Newsy affiliate CNN