Wells Fargo General Counsel Takes Over As CEO Steps Down

Law360 (March 28, 2019, 8:36 PM EDT) -- Saying Wells Fargo will benefit from "fresh perspectives," CEO and President Timothy Sloan stepped down Thursday and will be replaced on an interim basis by the company's general counsel, as the bank continues to reel from a fake-account scandal and other alleged consumer abuses.  

The company’s board elected general counsel C. Allen Parker, who joined Wells Fargo & Co. in 2017 after a long career at Cravath Swaine & Moore LLP, to temporarily take over as president and CEO, Wells Fargo announced Thursday. Deputy general counsel Douglas Edwards, a 24-year company veteran who most recently led the global commercial and securities division of the...

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