Wells Fargo & Co. Chief Financial Officer Howard I. Atkins resigned for personal reasons, taking an unpaid leave of absence, and will be replaced by Chief Administrative Officer Timothy J. Sloan. Shares fell as much as 3.5 percent.
Atkins’ departure, effective immediately, “is unrelated to the company’s financial condition or financial reporting,” according to a statement yesterday from the San Francisco-based bank. Atkins, who turns 60 this week, retires Aug. 6, when benefits tied to 10 years of employment become effective, Oscar Suris, a bank spokesman, said in an interview. The leave of absence will be unpaid because it’s “typical” for executives taking a personal leave to give up compensation, Suris said.