former WF CEO Tim Sloan Sloanwas promoted to the top job in October 2016, when John Stumpfstepped down amid intense blowback over the revelation thatemployees had opened millions of fake accounts to meet sales goals.(Photo: Bloomberg)

(Bloomberg) –Wells Fargo & Co. Chief Executive Officer TimSloan gave in to critics and abruptly stepped down, after the31-year company veteran struggled to tame a range of scandals, launching the fourth-largest into a hasty search for a successor.

Sloan, 58, will be replaced on an interim basis by the generalcounsel of Wells Fargo, C. Allen Parker. The board said itplans to look externally for a permanent replacement. The stockclimbed in early trading Friday.

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