Former Wells Fargo CEO John Stumpf has resigned from Chevron’s board following revelations that Wells Fargo opened thousands of unauthorized accounts.
In a regulatory filing made on Monday, Chevron said that Stumpf notified Chevron that he was resigning from his post as director effective immediately.
Chevron said in the filing that Stumpf “resigned for personal reasons and not as a result of a disagreement with Chevron.”
According to Reuters, Stumpf joined Chevron’s board in 2010.
Chevron has not commented further on the matter.
Stumpf also resigned from the board of Target this week, but the retailer did not provide further details in its regulatory filing announcing the move.
Stumpf, 63, retired from his post as Wells Fargo CEO and chairman and from the bank’s board last week after regulators assessed over $180 million in penalties against the bank.
“While I have been deeply committed and focused on managing the company through this period, I have decided it is best for the company that I step aside,” Stumpf said last week.
Last month, reached Wells Fargo agreed to pay $185 million in settlements with financial regulators after the bank was found to have opened thousands of unauthorized deposit and credit card accounts.
The bank will also pay $5 million in customer remediation.
The agreements were reached between Wells Fargo, the Consumer Financial Protection Bureau, the Office of the Comptroller of the Currency and the Office of the Los Angeles City Attorney.
The Office of the Comptroller of the Currency assessed a $35 million civil penalty against Wells Fargo last month and ordered the bank to make restitution to customers “who were harmed by the bank’s unsafe or unsound sales practices.”
The Consumer Financial Protection Bureau (CFPB) fined Wells Fargo Bank $100 million for the “widespread illegal practice of secretly opening unauthorized deposit and credit card accounts.”
The CFPB fine is the largest penalty the agency has ever imposed.
“Thousands of bank employees found ways to game the system by secretly signing up existing clients for new services that were never requested….Money that belonged to customers was used and moved around without their consent, and in some instances these activities generated new fees and costs,” CFPB director Richard Cordray said last month.