Former Wells Fargo CEO John Stumpf Steps Down From Target Board

Former Wells Fargo CEO John Stumpf Steps Down From Target Board

News of Stumpf’s exit comes shortly after his resignation from Wells Fargo over the bank’s fraudulent account scandal.

John Stumpf resigned from his post on Target’s board of directors on Tuesday, less than a week after his departure from the CEO seat at Wells Fargo.
 
The resignation was made public on Tuesday in an SEC document. Stumpf stepped down from the board of Chevron at the same time.
 
San Ramon, California-based Chrevron noted that Stuff said he was leaving “for personal reasons and not as a result of a disagreement with Chevron.” A regulatory filing shows Stumpf had received $375,737 in 2015 for his service as a board member for the energy company.
 
Target did not provide reason in its filing for the departure of the 63-year-old. The Minneapolis-based company paid Stumpf $272,521 in 2015 for being on the Minneapolis-based retailer’s board.
 
In early October, long-time Target shareholder Aaron Epstein called for Stumpf’s resignation from Target via a $4,500 ad in the Star Tribune.

“I was very happy to read that he did resign,” Epstein told TCB on Wednesday. “I can’t say that my original ad in the Star Tribune is a result of Mr. Stumpf’s resignation from Target, but I can say it certainly didn’t do any harm.”
  
In response to Stumpf’s exit from Target, company spokeswoman Dustee Jenkins told the Star Tribune, “We thank him for his contributions and wish him well.”