Wells Fargo (WFC): Stumpf Retiring Is A Loss - Piper Jaffray
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Piper Jaffray analyst, Kevin Barker, reiterated his Underweight rating on shares of Wells Fargo (NYSE: WFC) after the company announced that John Stumpf would be retiring, effective immediately. Tim Sloan, the President and COO, will become the CEO while Stephen Sanger will become the independent, non-executive chairman of the board.
The analyst believes that the retirement of John Stumpf is a clear loss for the company. He worked his way up through the ranks over several decades before taking over as CEO in 2007 where he led Wells Fargo through the financial crisis and the rushed acquisition of Wachovia in the midst of a financial collapse. However, the retirement of Mr. Stumpf does not come as a surprise considering that several shareholders have expressed their displeasure with how the account scandal has been handled, and Mr. Stumpf was scheduled to retire in two years when he reached the age of 65.
No change to the price target of $43.
Shares of Wells Fargo closed at $45.32 yesterday.
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