John Stumpf, the embattled CEO of Wells Fargo (WFC), retired from the company effective Wednesday.
Stumpf's move comes just weeks after he was grilled by Congressional panels over the way the company handled an alleged scam where upwards of two million accounts were created by employees. The accounts were allegedly opened so employees could meet aggressive sales goals set by management. Stumpf was widely criticized for the way he handled the questioning.
Stumpf, 63, is resigning as both CEO and chairman. The company's President and Chief Operating Officer Tim Sloan to replace Stumpf. Stephen Sanger was named as the board's non-executive chairman.
The details of Stumpf's retirement plan are unknown, but Equilar estimated that as of late September his retirement package was worth $134.1 million. The package remained that large even after a $41 million clawback from his unvested stock he agreed to after being grilled by a Senate panel.
Stumpf was called upon several times to resign by members for the House Financial Services Committee during a nearly four-hour grilling . Stumpf said at the hearing he wasn't planning to resign, and remaining at the bank and seeing through the reforms was part of taking responsibility. He also indicated such decisions are up to the board. Wells Fargo had no comment on this story.