Chevron supports director Stumpf despite Wells Fargo morass


Chevron Corp said it stands behind John Stumpf, a member of its board and the chief executive of bank Wells Fargo & Co ), despite growing concerns about his leadership during a customer service scandal.

Pressure has mounted on Stumpf in recent days to resign as CEO of Wells Fargo, the largest U.S. bank by deposits, after revelations the bank for years opened checking, savings and credit card accounts without customer approval to satisfy managers’ demands for new business. Lawmakers of both major U.S. political parties in Congress have excoriated Stumpf, accusing him of creating a culture in which such a practice could thrive.

Earlier this month Stumpf resigned from an advisory role at the U.S. Federal Reserve. Chevron executives had cited his experience and reputation as a major benefit to its shareholders when recommending him to the board. The company’s board also noted his position at the Fed when it nominated him to the board.

Stumpf joined the Chevron board in 2010, the same year he became chairman of the San Francisco-based bank and three years after he became its CEO. Both companies are headquartered in California’s Bay Area and are roughly 35 miles (55 km) apart. Stumpf also sits on the board of retailer Target Corp, which did not immediately return a request for comment.

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Svilen Petrov
My name is Svilen Petrov and I’m founder and chief editor at Business News Feeds. Business News Feeds is independent journal, which will daily provide you the most interesting and actual news for companies, employment and management.

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