John Stumpf, who “retired” last week from his position as CEO of Wells Fargo due to the company’s fake account scandal, is also taking the opportunity to “retire” from board seats. Oil company Chevron and retailer Target announced today in filings with the Securities and Exchange Commission that Stumpf would be stepping down from their respective boards, both of which he joined in 2010.
Chevron said in its announcement that “Mr. Stumpf resigned for personal reasons and not as a result of a disagreement with Chevron.” That’s good to hear, even if we have a good idea of what those personal reasons are.
Target, meanwhile, didn’t provide a reason or ostensible reason for Stumpf’s resignation from its board, simply notifying the SEC and shareholders that he had resigned effective immediately.
Wells Fargo’s own board had voted to claw back $41 million from his total compensation package, withholding his 2016 bonus and equity awards. The company did the same for Carrie Tolstedt, the former head of retail banking, who was closer to the bad behavior yet didn’t put a stop to it. The company took $19 million from her compensation. Toldstedt had previously announced her plans to retire at the end of 2016 back in July.
by Laura Northrup via Consumerist