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Wells Fargo CEO John Stumpf retires, replaced by Tim Sloan

NEW YORK, Oct 12 (Reuters) - Wells Fargo & Co chairman and chief executive officer, John Stumpf, will retire and the board of directors has chosen Tim Sloan as the new CEO, the U.S. West Coast-based bank said on Wednesday. Stephen Sanger will be chairman and Elizabeth Duke the vice chair. The changes are effective immediately. Wells Fargo is due to report third-quarter earnings on Friday after a Congressional probe and lawsuits following complaints that unauthorized customer accounts to meet sales targets were opened.
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