Wells Fargo's general counsel C. Allen Parker. Courtesy photo.

Wells Fargo announced Thursday afternoon that C. Allen Parker, the bank's top attorney, has been elected by the board to take over as the interim CEO and president.

Parker will start in his position immediately, according to the bank's press release, while current president and CEO Tim Sloan will retire on June 30.

Parker, who joined San Francisco-based Wells Fargo in 2017, said he has been impressed by the nearly 60,000 employees of Wells Fargo and their commitment to the company.

“In my two years at Wells Fargo, I have been deeply impressed with the commitment of our 259,000 team members to move this great company forward and to build an even stronger foundation for the future,” Parker said in the press release. “I am fully committed to this role as we continue the important work at hand in support of all our stakeholders, particularly our customers, and prepare for a smooth and effective transition to a permanent CEO.”

Parker has served as senior executive vice president and general counsel of the bank since March 2017. He previously served as a partner at Cravath, Swaine & Moore. He joined the firm in 1984 and was made partner in 1990. Parker graduated from Columbia University School of Law.

Sloan was brought on as CEO in 2016 after bank employees were found to have created millions of unauthorized bank accounts, without customer knowledge. The bank was fined $185 million by the Consumer Financial Protection Bureau and agreed to pay $5 million back to customers.

“I have been very fortunate to work for such a great company, and with so many dedicated team members, for more than 31 years, and I am very proud of what we have accomplished together,” Sloan said in the press release. “In my time as CEO, I have focused on leading a process to address past issues and to rebuild trust for the future. We have made progress in many areas and, while there remains more work to be done, I am confident in our leadership team and optimistic about the future of Wells Fargo.” He added he believes a new CEO will bring a fresh perspective in moving the company forward.

A representative for the bank on Thursday afternoon said neither Sloan nor Parker were available for additional comment.

It does not appear that Parker will be made the permanent CEO. In the press release, Betsy Duke, chairwoman of the board, said “the board has concluded that seeking someone from the outside is the most effective way to complete the transformation at Wells Fargo.”

“During this search period, the Board and I will work closely with Allen and the company's leadership team to continue to move forward on Wells Fargo's goals and commitments,” Duke said. “Since joining in early 2017 as our general counsel, Allen has brought thoughtful and independent points of view to business, strategy, and governance matters, and he has earned the respect and full confidence of our board and executive team as he takes on this interim CEO role.”