Wells Fargo has dismissed Franklin Codel, head of its Consumer Lending division and a senior executive vice president, the company recently announced. According to the announcement:
The dismissal was the result of Codel’s acting in a manner that was contrary to the company’s policies and expectations of its senior leaders during a communication he had with a former team member regarding that team member’s earlier termination. The company said the reasons for the dismissal did not involve the business or operations of Consumer Lending, the servicing of its customers, or its performance or financial results. The dismissal also did not pertain to sales practices at the company.
The company will name a replacement by year-end.
“Difficult as this situation is, the decision reflects our commitment to our values and culture and to executive accountability,” said Tim Sloan, president and CEO of Wells Fargo, in a statement. “We have a strong team in Consumer Lending and I am fully confident that the transition will be smooth and that its businesses will continue to operate normally in serving our customers.”
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