Wells Fargo CEO and chairman John Stumpf retires,...

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John Stumpf, Wells Fargo & Co.’s (NYSE:WFC) chairman and CEO, is retiring from the company, effective immediately. The company’s board of directors has elected Tim Sloan, president and chief operating officer, to succeed Stumpf. Stephen Sanger, the company’s lead director, will serve as the board’s non-executive chairman. Independent director Elizabeth Duke will serve as vice chair. And Sloan was elected to the board. Sloan’s appointment to CEO and as a member of the board are effective…