Wells Fargo & Co chairman and chief executive officer, John Stumpf, will retire and the board of directors has chosen Tim Sloan as the new CEO, the U.S. West Coast-based bank said on Wednesday.

Stephen Sanger will be chairman and Elizabeth Duke the vice chair.

The changes are effective immediately.

Wells Fargo is due to report third-quarter earnings on Friday after a Congressional probe and lawsuits following complaints that unauthorized customer accounts to meet sales targets were opened. 

This article was provided by Reuters.