With General Counsel in Control, Wells Fargo Reports No Progress on Naming CEO
General counsel Allen Parker was named acting CEO in March while the bank’s board of directors continued its search for a new chief executive. A Wells Fargo spokesperson said Tuesday there is no update on naming a permanent CEO.
August 06, 2019 at 04:33 PM
2 minute read
While an increasing number of companies are promoting their general counsel into higher C-suite roles, troubled Wells Fargo & Co. remains stuck with its top lawyer starting his sixth month as acting CEO.
General counsel C. Allen Parker was named acting CEO in March while the bank’s board of directors continued its search for a new chief executive. Arati Randolph, Wells Fargo’s senior vice president for communications, said Tuesday there is no update on naming a permanent CEO.
As general counsel, Parker was brought in from outside the company to help clean up its legal problems after the bank was marred by a string of scandals—including the infamous creation of 3.5 million fake bank accounts in the names of real customers.
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