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Home / Business / Wells Fargo CEO Tim Sloan is a mistake, says Jeff Sonnenfeld

Wells Fargo CEO Tim Sloan is a mistake, says Jeff Sonnenfeld



The only problem was that he was not a "back-slapping cheerleader" and "charismatic type," Sonnenfeld said to "Closing Bell."

. "He was a CFO who did not know he was hired The Earth to be a CEO seized the opportunity, like Mary Barra [General Motors CEO]. Sometimes you get insiders heroic to face it. "

" Tim was out there to solve problems and not great, "he added.

Earlier this month, Wells Fargo's board said Sloan had increased its work by 5 percent to $ 18.4 million in 2018. The bank also announced that the CEO had the full confidence of its board when news reports emerged of Goldman Sachs 'ex-manager.

However, Sloan struggled to meet regulators' demands for a bank overhaul. There were problems throughout the institution's line of business, including auto loans, mortgages and asset management. Last year, the US Federal Reserve capped the bank's asset growth after Wells Fargo found more customer-facing issues.

In addition, legislators, notably Sen. Elizabeth Warren, D-Mass., Demanded Sloan's resignation. After Sloan's retirement was announced, Warren tweeted "damned time."

Sonnenfeld said Warren attacked the wrong person.

"This was a moment of great disgrace for Sen. Warren, who helped her drive," he said.

Just hours before the announcement, Warren Buffett, CEO of Berkshire Hathaway, told CNBC that he was "100 percent" in support of Sloan. Berkshire Hathaway is the largest shareholder of Wells Fargo, with more than 9 percent, according to FactSet.


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