Issue link: http://dsnews.uberflip.com/i/749391
58 EXCLUSIVE FEATURE "I am deeply sorry that we failed to fulfill our responsibility to our customers, to our team members, and to the American public," said John Stumpf, Wells Fargo's Chairman and CEO, on September 20th in a prepared statement to the Senate Banking Committee. "I want to apologize for violating the trust our customers have invested in Wells Fargo. And I want to apologize for not doing more sooner to address the causes of this unacceptable activity." Earlier that month, the Consumer Financial Protection Bureau (CFPB), the Office of the Comptroller of the Currency (OCC), and the Los Angeles City Attorney's Office fined Wells Fargo a combined total of $185 million for opening approximately 2 million unauthorized accounts without consumers' knowledge. During his testimony, Stumpf did not attempt to pass the buck. But the overwhelming wave of criticism from the public to politicians seemed to wash away Stumpf 's sincere apologies. On October 12, Stumpf abruptly announced his retirement from Wells Fargo and made the following statement: "I am grateful for the opportunity to have led Wells Fargo. I am also very optimistic about its future, because of our talented and caring team members and the goodwill the stagecoach continues to enjoy with tens of millions of customers. While I have been deeply committed and focused on managing the Company through this period, I have decided it is best for the Company that I step aside." Enter Timothy J. Sloan. Taking on the role of President and CEO, the 29-year corporate veteran is seen by many as the right choice to restore lost confidence in the 160-year-old staple of the financial industry. C O V E R S T O R Y / K E N D A L L B A E R An Exclusive Interview with Incoming CEO Tim Sloan on Rebuilding Trust and The Future of Wells Fargo RESHAPING A CULTURE