The debate over succession planning comes as calls intensify for Stumpf to resign, as the once-marquee company faces a bruising reputational battle. In an interview last week with CNBC, Rafferty Capital Markets analyst Dick Bove said that JPMorgan Chase executives Gordon Smith and Daniel Pinto would be good fits for the job.Ī JPMorgan spokesman declined to comment on the speculation. Others have gone so far as to float the names of external candidates. ' dragging their feet, and the longer they wait, the worse it's going to get,' Miller said. Miller noted that regulators are 'embarrassed' and irked by the scandal, and that the timing may be right for a leadership change. Either way, Miller said he began to support the idea of bringing in an outsider as CEO after Stumpf's testimony. It is unclear whether Sloan at that point was sweeping in to correct a problem or just trying to control the damage.
Tolstedt began reporting to Sloan once he became president late last year she had previously reported directly to Stumpf. The embattled Stumpf said twice during the hearing that Sloan was in charge of telling former retail executive Carrie Tolstedt that she should resign because the problems occurred in the part of the company she oversaw. Let's not talk about the bad things with our family,' said Paul Miller, an analyst with FBR Capital Markets. 'That's the problem with Wells Fargo - they have a culture of 'We'll get through it, we'll be fine. It's one of the few cultures that Sloan - a 29-year veteran of the company who is described as low key and well liked - has ever known. His remarks exposed a management culture where problems were allowed to fester - and senior executives were taken to task too late, some observers say. The second-guessing creeped up after Stumpf's testimony last week at a Senate Banking Committee hearing to examine allegations that Wells employees created roughly 2 million fake accounts to meet aggressive sales goals and win bonuses. Yet now investors and analysts have begun to raise the question whether Wells should consider an outside candidate for its next chief - regardless of whether the vacancy comes sooner or later. The handoff from Chief Executive John Stumpf to longtime insider Tim Sloan had been scripted to occur within a couple of years, when Stumpf, 63, would reach the company's mandatory retirement age of 65. Here's an overlooked piece of collateral damage from the Wells Fargo cross-selling fiasco: It may have thrown the company's succession plan for a loop.
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