Editor’s Note: The following message from CEO Tim Sloan was emailed to all Wells Fargo team members on March 28, 2019.
Today I announced my retirement from Wells Fargo. I want you to know this was an incredibly difficult decision for me. I have been very fortunate to work for such a great company for more than 31 years, with so many dedicated team members, and I am very proud of what we have accomplished together.
Although I am confident in my ability to lead this Company forward, it has become apparent to me that Wells Fargo will benefit from a new CEO and fresh perspectives, as some of the external attention on me has become a distraction. For this reason, I have decided it is best for the Company that I step aside and devote my efforts to supporting an effective transition.
We have made progress in many areas and, although more work remains to be done, I am confident in our leadership team and optimistic about the future of Wells Fargo.
The Wells Fargo Board of Directors has elected Allen Parker, who served as our General Counsel, as interim CEO and president, effective immediately, while the Board conducts an external search. During this search period, the Board will work closely with Allen and the Company’s leadership team to continue to move forward with Wells Fargo’s goals and commitments.
Since joining Wells Fargo two years ago, Allen has brought thoughtful and independent points of view to business, strategy, and governance matters. He has earned the respect and full confidence of our Board and leadership team as he takes on this interim role. I know you will give him and the Company your full support and your commitment to continue building on all the good work we have done together.
Our Board Chair Betsy Duke, Allen, and I will conduct a live, virtual CEO Town Hall for all team members on Friday, March 29, at 10 a.m. Pacific time (1 p.m. Eastern time).
It has been a real privilege to lead this team and a delight to watch you in action every day. Although we have more work to do to shape the Wells Fargo we all want, I see evidence of our progress all around — in the innovative products and services we are delivering, the more consistent Wells Fargo culture that is taking root, our renewed focus on managing all forms of risk, our unwavering support for local communities, our increased engagement with stakeholders, and the way we serve customers to help them succeed financially.
Thank you, too, for embracing our vision and values and for making so much headway in our work to achieve the six goals we set for ourselves: to be the financial services leader in customer service and advice, team member engagement, innovation, risk management, corporate citizenship, and shareholder value.
One of my greatest joys as CEO has been the time we have spent together in so many different forums. I have always said we have the absolute best team in financial services, and I know your progress will continue as you serve our customers and take care of each other. I am truly grateful for your passion, hard work, and dedication.