Wells Fargo’s Embattled Ex-CEO Leaves Target, Chevron Boards

Updated on
  • Stumpf departed for personal reasons, Chevron filing shows
  • Banker stepped down from Fed advisory group in September

John Stumpf.

Photographer: Andrew Harrer/Bloomberg

Former Wells Fargo & Co. Chief Executive Officer John Stumpf, who resigned from the bank this month amid a scandal about employees opening authorized accounts, has also left the boards of Chevron Corp. and Target Corp.

He departed both boards on Monday, the companies said in regulatory filings on Tuesday.

“Mr. Stumpf resigned for personal reasons and not as a result of a disagreement with Chevron,” the San Ramon, California-based energy company said in its filing.

Stumpf, 63, became a lightning rod for public frustration over corporate excesses when the bank settled a probe last month into the legions of accounts opened by his employees for customers who didn’t request them. He quit the Wells Fargo CEO post Oct. 13 and was replaced by Tim Sloan. Stumpf previously agreed to forgo $41 million in unvested stock that had been granted for performance, as well as some of his salary.

Wells Fargo agreed to pay $185 million to resolve U.S. investigations. The San Francisco-based company has also refunded $2.6 million to affected customers and has said it’s ending sales incentives that have been blamed for the abuses.

Last month, Stumpf resigned from the Federal Reserve’s Federal Advisory Council. Stumpf had served as the San Francisco Fed’s appointee to the panel.