Oct 18 John Stumpf resigned from the boards of
Chevron Corp and Target Corp a week after he
quit Wells Fargo & Co as chief executive bowing to
pressure over its sales tactics.
Stumpf resigned for personal reasons and not as a result of
a disagreement with Chevron, the second largest U.S.-based oil
producer said in a regulatory filing on Tuesday. (bit.ly/2eqiJAg)
Chevron said on Oct. 3 that it supported Stumpf despite
concerns about his leadership at Wells Fargo.
Target did not give a reason for Stumpf's resignation. (bit.ly/2dlzQqT)
Stumpf joined the boards of Chevron and Target in 2010.
Stumpf, who notified the companies' boards on Monday that he
intends to resign, still serves on the board of Financial
Services Roundtable, an advocacy group for the U.S. financial
Wells Fargo said on Oct. 12 that Stumpf, 63, was retiring
and would be replaced by President and Chief Operating Officer
Stumpf's fall from grace started with a $185 million
regulatory settlement among the bank, regulatory authorities and
a Los Angeles prosecutor over its staff opening as many as 2
million accounts without customers' knowledge.
The misconduct, carried out by low-level branch staff to
meet internal sales targets, shattered the bank's image and a
raft of federal and state investigations followed.
(Reporting By Sudarshan Varadhan in Bengaluru)