That in turn led to Stumpf getting grilled by a House Financial Services Committee panel and a $185 million settlement being awarded to regulators, but that was far from enough to satisfy critics of Wells Fargo and big banking practices in general. In fact, even Stump’s unexpected resignation hasn’t satisfied the majority of critical voices in this matter, as he’s been replaced as CEO by Timothy J. Sloan, another Wells Fargo insider who’d been with the company for years and was named president in 2015. One of those voices is Los Angeles Representative Maxine Waters released a statement expressing her dissatisfaction with the change: Sloan is now CEO of Wells Fargo, but he’s didn’t inherit Stumpf’s spot as chairman of the board, as one of the concessions made by the bank was to split the CEO and chairman positions – the latter of which is going to Stephen Sanger, an executive formerly of General Mills. Even if financial regulators and lawmakers were not totally satisfied by the move, the market seemed to respond positively to the changes, with investors sending Wells Fargo stock up significantly even in after-hours trading after the announcement was made. As for Stumpf, the terms of his resignation leave him without any official severance package, but he does reportedly retain more than $124 million in vested stock, pension, and 401(k) benefits (that’s a lot, but significantly less than the almost $200 million package he’d had to look forward to before the scandal broke). Here’s some of his statement on his decision to leave his Wells Fargo career behind:
