John Stumpf Resigns From Boards of Target and Chevron -- Update
October 18 2016 - 5:33PM
Dow Jones News
By Josh Beckerman
John Stumpf, who stepped down as Wells Fargo & Co. Chairman
and Chief Executive last week, has resigned from the boards of
Target Corp. and Chevron Corp., effective immediately.
Mr. Stumpf left Wells Fargo after criticism of the bank's sales
practices.
Chevron said in a filing that he left the board "for personal
reasons and not as a result of a disagreement with Chevron."
According to the Tuesday filings, he notified Chevron and Target of
his resignations on Monday.
According to Wells Fargo's latest proxy statement, Chevron and
Target were Mr. Stumpf's only outside board seats at publicly
traded companies.
Mr. Stumpf and Wells Fargo were at the center of a public and
political storm following disclosures that thousands of bank
employees in recent years created as many as two million accounts
without customers' knowledge. In September, the bank agreed to pay
a $185 million fine and entered into an enforcement action with
regulators and a local official.
On Sept. 22, the Federal Reserve Bank of San Francisco said Mr.
Stumpf had stepped down as a representative to the Federal Advisory
Council, a group of 12 bankers that meets four times a year to
discuss economic and banking matters with the Fed's board of
governors in Washington.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
October 18, 2016 17:18 ET (21:18 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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