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John Stumpf resigns from boards of Target and Chevron

October 19, 2016

John Stumpf, who stepped down as Wells Fargo & Co. Chairman and Chief Executive last week, has resigned from the boards of Target Corp. and Chevron Corp., effective immediately.

Mr. Stumpf left Wells Fargo after criticism of the bank’s sales practices.

Chevron said in a filing that he left the board “for personal reasons and not as a result of a disagreement with Chevron.” According to the Tuesday filings, he notified Chevron and Target of his resignations on Monday.

According to Wells Fargo’s latest proxy statement, Chevron and Target were Mr. Stumpf’s only outside board seats at publicly traded companies.

Mr. Stumpf and Wells Fargo were at the center of a public and political storm following disclosures that thousands of bank employees in recent years created as many as two million accounts without customers’ knowledge. In September, the bank agreed to pay a $185 million fine and entered into an enforcement action with regulators and a local official.

The bank has said it regrets the improper behavior, has ended sales goals for retail-bank employees and has been refunding customers improperly charged.

Mr. Stumpf became Wells Fargo’s CEO in 2007. He was replaced last Wednesday by President and Chief Operating Officer Timothy J. Sloan, who was widely seen as his heir apparent.

On Sept. 22, the Federal Reserve Bank of San Francisco said Mr. Stumpf had stepped down as a representative to the Federal Advisory Council, a group of 12 bankers that meets four times a year to discuss economic and banking matters with the Fed’s board of governors in Washington.

By Josh Beckerman

Source: Wall Street Journal

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