Company - - Mar 07,2017
As Wells Fargo tries to restore the lost reputation over the fake account scandal, Allen Parker to succeed in-house veteran, James Strother.
Wells Fargo has named Allen Parker as its new general counsel and senior executive vice president. Allen Parker will take charge from March 27, 2017, and will serve on its operating committee. As third-largest U.S. bank, Wells Fargo tries to restore the lost reputation after the scandal of fake accounts.
Allen Parker succeeds James Strother, who has worked for 30 years in Wells Fargo including 13 years as a lead in the Law Department. Originally, James Strother was supposed to retire by the end of 2016, but following the sales scandal, he stayed with the company for the lawsuits.
Allen Parker will report to CEO Tim Sloan and will be responsible for the entire legal affairs for the company. Parker is joining from law firm Cravath, Swaine & Moore LLP, where he worked as a partner in the company’s corporate department and as a member of its Governance and Board Advisory Practice.
Under parker’s tenure profit of Cravath, Swaine & Moore LLP increased to $3.56m. Parker started working for Cravath in 1984 and in 1990 he became a partner. In October 2006, He was elected as the Deputy Presiding Partner. In January 2013, he became Cravath‘s presiding partner. In 2016 Faiza Saeed succeeded Parker and became the new presiding partner.
Parker joins Wells Fargo in the time when the company is trying to recover from a major sales scandal, in which employees secretly opened millions of unauthorized bank and credit card accounts without informing the customers. This resulted in a $185 million fine to the US government and firing of 5,300 employees. This lay off included the then chief executive, John Stumpf and four mid-level executives. Many employees including James Strother were not allowed bonuses and stock awards.