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Wells Fargo CEO Tim Sloan's retirement a mistake, says Jeff Sonnenfeld



The only issue was that he was not a "back-slapping cheerleader" and "charismatic guy," Sonnenfeld said on "Closing Bell."

"He was a CFO who did not know he was put on

"Tim was out there solving problems rather than grandstanding," he added. [General Motors CEO] Mary Barra, who is heroic to take that on.

Earlier this month, the Wells Fargo board said Sloan earned a 5 percent raise to $ 18.4 million for his work in 2018. The bank also issued statements that the CEO had the full confidence of its board when news reports surfaced it was considering a former Goldman Sachs executive for the job.

However, Sloan struggled to satisfy regulators' demands to overhaul the bank. There were issues across the institution's earnings line, including its auto lending, mortgage and wealth management operations. Last year, the Federal Reserve capped the bank's asset growth after Wells Fargo found more problems with customer dealings.

There were also repeated calls from lawmakers, most notably Sen. Elizabeth Warren, D-Mass., For Sloan to step down. After 1

962, Sonnfeld said that Warren was attacking the wrong person.

"This was a moment of great shame for Sen. Warren that she helped drive out of a great CEO, "he said.

Just hours before the announcement, Berkshire Hathaway CEO Warren Buffett told CNBC he supported Sloan" 100 percent. " Berkshire Hathaway is the largest shareholder of Wells Fargo, with more than 9 percent of shares, according to FactSet


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