Wells Fargo news today about the company’s CEO leaving has WFC stock down on Friday.

Wells Fargo (NYSE:WFC) announced today that President and CEO Tim Sloan is leaving the company. Sloan has officially said that he will be retiring from the company on June 30, 2019. However, he is already stepping down as its President, CEO and member of the Board of Directors.

The Wells Fargo news about Sloan’s decision has him leaving the company after roughly 31 years with it. It also brings an end to his run as CEO, which was a position he held since October of 2016.

Taking over for Sloan is C. Allen Parker. He will be serving as its interim President and CEO starting immediately. While he is in this role, Wells Fargo is conducting an external search to find a permanent replacement for its previous CEO.

“The Board has a continuous succession planning process through which we identify potential successors within the Company,” Wells Fargo Board Chair Betsy Duke said in a statement. “Although we have many talented executives within the Company, the Board has concluded that seeking someone from the outside is the most effective way to complete the transformation at Wells Fargo.”

The Wells Fargo news about Sloan stepping down as CEO comes after scrutiny for the past few years. There were many that were critical of his role at the company. Sloan himself notes that the negative press surrounding him was reason enough for his departure.

WFC stock was down 2% as of noon Friday.

As of this writing, William White did not hold a position in any of the aforementioned securities.