John Stumpf, the chairman and CEO of Wells Fargo, is retiring effective immediately.
Stumpf has recently come under fire for a scandal in which 2 million credit and debit card accounts were opened by bank employees without the knowledge of customers.
His successor, Tim Sloan, is chief operating officer of the firm and has been with the bank for over 25 years. Sloan has primarily worked in commercial real estate lending during his time at the bank, and had only taken the position as COO in November.
The bank also appointed Stephen Sanger as non-executive chairman, splitting the CEO and chairman role. Elizabeth Duke has been named vice chair.