Tim Sloan was a 'great' CEO for Wells Fargo, and it's 'unfair' that he has to step down, says Yale's Jeffrey Sonnenfeld.
Tim Sloan was a"great" CEO for Wells Fargo, and it's"unfair" that he has to step down, management expert Jeffrey Sonnenfeld told CNBC on Thursday.
"This was a big mistake," said Sonnenfeld, senior associate dean at the Yale School of Management and a CNBC contributor.And his tenure in the top office produced results, he said."He's delivered the best earnings ... in the company's 161-year history. It's really been incredible." "He was a CFO that didn't know he was put on Earth to be a CEO. He rose to the occasion, like [General Motors CEO] Mary Barra. Sometimes you get insiders that are heroic to take this on."Earlier this month, the Wells Fargo board said Sloan earned a 5 percent raise to $18.4 million for his work in 2018. The bank also issued statements that the CEO had the full confidence of its board when news reports surfaced it was considering a former Goldman Sachs executive for the job.
There were also repeated calls from lawmakers, most notably Sen. Elizabeth Warren, D-Mass., for Sloan to step down. After Sloan's retirement was announced, Warren tweeted"about damn time.""This was a moment of great shame for Sen. Warren that she helped drive out a great CEO," he said.
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