Bank Watch

Wells Fargo ex-CEO John Stumpf resigns from Target, Chevron boards

Wells Fargo former chief executive John Stumpf has resigned from the boards of Target Corp. and Chevron Corp., a week after stepping down from running the San Francisco-based bank.
Wells Fargo former chief executive John Stumpf has resigned from the boards of Target Corp. and Chevron Corp., a week after stepping down from running the San Francisco-based bank. AP

Wells Fargo former chief executive John Stumpf has resigned from the boards of Target Corp. and Chevron Corp., a week after stepping down from running the San Francisco-based bank.

Target and Chevron disclosed Stumpf’s resignation from their boards in securities filings Tuesday, saying the move was effective immediately. The two companies said Stumpf notified them Monday of his resignation.

Chevron said Stumpf resigned “for personal reasons and not as a result of a disagreement with Chevron.” Target did not provide similar explanation.

A Wells Fargo spokesman declined to comment.

Stumpf, 63, left Wells Fargo amid mounting fallout over regulators’ allegations the bank’s employees opening millions of accounts customers may not have authorized as those employees sought to meet aggressive sales goals.

The Observer had previously reported that Stumpf was the only CEO among the six biggest U.S. banks to sit on boards of other public companies. During a congressional hearing last month on Wells Fargo’s sales scandal, Rep. Maxine Waters, D-Calif., suggested to Stumpf his multiple board involvement “may be the reason” he wasn’t aware of problems at the bank sooner.

Stumpf had served on the boards of Chevron and Target since 2010, while also serving as chairman of Wells Fargo’s board.

At Chevron, he was awarded $375,737 in cash, stock and other compensation for 2015. Target awarded him $272,521 in cash and stock in 2015.

Last week, Wells Fargo elevated President and Chief Operating Officer Tim Sloan to replace Stumpf.

Sloan will also take a seat on the bank’s board, which will now be chaired by independent director Stephen Sanger, a director since 2003.

Deon Roberts: 704-358-5248, @DeonERoberts

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