HOUSTON Oct 3 Chevron Corp on Monday
said it stands behind John Stumpf, a member of its board and the
chief executive of bank Wells Fargo & Co, despite
growing concerns about his leadership during a customer service
Pressure has mounted on Stumpf in recent days to resign as
CEO of Wells Fargo, the largest U.S. bank by deposits, after
revelations the bank for years opened checking, savings and
credit card accounts without customer approval to satisfy
managers' demands for new business.
Lawmakers of both major U.S. political parties in Congress
have excoriated Stumpf, accusing him of creating a culture in
which such a practice could thrive.
Earlier this month Stumpf resigned from an advisory role at
the U.S. Federal Reserve.
Chevron executives had cited his experience and reputation
as a major benefit to its shareholders when recommending him to
the board. The company's board also noted his position at the
Fed when it nominated him to the board.
"John (Stumpf) is a valued member of our board," Chevron
spokesman Kent Robertson said in an emailed statement to
Reuters. "Given the investigations that are underway, it would
be inappropriate for us to comment further."
Stumpf joined the Chevron board in 2010, the same year he
became chairman of the San Francisco-based bank and three years
after he became its CEO. Both companies are headquartered in
California's Bay Area and are roughly 35 miles (55 km) apart.
Stumpf also sits on the board of retailer Target Corp
, which did not immediately return a request for comment.
At Chevron, the second-largest U.S.-based oil and natural
gas producer, Stumpf serves on board committees that oversee
corporate governance and executive compensation.
Chevron does not hold any meaningful stake in Wells Fargo.
(Reporting by Ernest Scheyder; Editing by Terry Wade)