Tim Sloan, the CEO of Wells Fargo, announced this week that he was stepping down immediately. Sloan has spent more than three decades working for Wells Fargo. In 2016 he was named CEO, and was tasked with cleaning up after the mismanagement and scandals that had plagued the bank under his predecessor. But on March 26, Sloan told shareholders that he was leaving the job. Sloan told shareholders that his presence in the bank was “hindering” Wells Fargo from recovery and that a new CEO, chosen from outside, would be better able to move the bank forward.
Sloan had come under fire from a number of politicians, notably Massachusetts senator Elizabeth Warren. Warren repeatedly called on Wells Fargo to oust Sloan, arguing that he did nothing to end the misconduct in Well Fargo’s sales division when he was the head of sales. Warren said, “Wells Fargo is fundamentally broken, and there is no evidence whatsoever that these problems can be fixed under Mr. Sloan’s watch,” the Massachusetts senator wrote. “The Federal Reserve should take no action to remove the growth cap until Wells Fargo replaces Mr. Sloan as CEO.”
Tim Sloan is married and has three children. Here’s what you need to know about his family:
1. Sloan & His Wife Lisa Live in an 8 Bedroom Mansion in San Marino
Sloan and his wife, Lisa, live in San Marino, an upscale suburb of Los Angeles. The couple lives in an eight-bedroom, 5,800-square-foot house. They first moved to San Marino in 1987, raised their three children in that home and sent them to local schools. Lisa told a local paper that she liked the “small town feel” of San Marino and that it was important for her to be involved in the local schools.
2. Sloan’s Wife, Lisa, Runs a Business Called Silk Purse Renovations
Lisa Sloan was a stay at home mother when her kids were small. She told a local paper in San Marino that she was extremely involved in the kids’ schools and in the community. Lisa also organized sporting events and dabled in landscape painting and decorating.
As her kids grew older, Lisa decided to launch her own business, Silk Purse Renovations. Lisa also got involved in home renovations and in volunteer work.
3. Sloan’s Kids Are Grown & He Has Two Grandchildren
Sloan and his wife Lisa have three children, whom they raised in San Marino, a well-heeled suburb of Los Angeles. Sloan commuted to work in San Francisco. The couple’s children are all grown now. Sloan and his wife now have two grandchildren.
4. Sloan’s Father, Jerry Sloan, Worked in the Automotive Industry in Michigan
Sloan was born in Cleveland, Ohio. When he was young, his family moved to Detroit, where his father, Jerry, took a job working for the Public Relations department at Ford. The family lived in Birmingham, a suburb of Detroit. Sloan went on to study at the University of Michigan, earning first a BA and then an MBA from the university. Sloan has said that he was inspired by his father’s stories about the Ford Motor Company and its leadership values.
5. Sloan’s Mother, Jeanne, Said It Was ‘Beyond Belief’ to See How Successful & Happy Tim Was
Tim Sloan grew up in a Detroit suburb, where his father worked for the Ford Motor Company. Last year, Sloan went back to Detroit to speak at the Detroit Economic Club, a historic business leaders group in the U.S. auto industry’s traditional center. Sloan’s wife, Lisa, was at the event; so were his parents, Jerry and Jeanne. His mother told Wells Fargo at the time about her overwhelming pride in her son:
“The feeling is just beyond belief,” she said. “For a mother to see her son up there, so smart, so successful — and happy, too — it is just amazing to me. And I am so thankful.”