At Wells Fargo, Executives Push for Interim CEO to Keep Job
- Some said to see Allen Parker as a way to preserve continuity
- The board has said it will find an outsider to run the company
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While Wells Fargo & Co.’s board looks far and wide for the bank’s next leader, some of the company’s most senior insiders have an alternative proposal: Why not keep the interim chief?
Allen Parker, who joined the bank as general counsel to help clean up scandals in 2017, became acting chief executive officer in March, when the board announced it’s seeking an outsider to take over. Across the industry, the expectation is that the next leader will shake up management. Keeping Parker, 64, is seen as a way to foster continuity and give the board more time to groom a permanent successor -- maybe even from within.