Former Wells Fargo CEO Stumpf resigns from Chevron, Target board seats
Former Wells Fargo & Co. Chief Executive John Stumpf resigned his seats on boards of other companies Tuesday, after stepping down from his position at the San Francisco bank amid controversy. Retailer Target Corp. and oil giant Chevron Corp. disclosed Tuesday afternoon in filings with the Securities and Exchange Commission that Stumpf had resigned from their boards, effective immediately. "Mr. Stumpf resigned for personal reasons and not as a result of a disagreement with Chevron," Chevron said in its filing, while Target did not offer anything beyond its simple disclosure. Stumpf already resigned his seat on a Federal Reserve advisory board last month. Stumpf also had a board seat with The Clearing House, but a spokesman for the banking association said that seat was reserved for the CEO of Wells Fargo and immediately transferred to the bank's new CEO, Tim Sloan, when he took over for Stumpf last week.
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