Wells Fargo President and CEO Timothy Sloan has informed the company’s Board of Directors of his decision to step down as CEO, president, and board member effective immediately. The board has elected General Counsel C. Allen Parker as interim CEO and president as they begin an external search process for Wells Fargo’s new head.

Wells Fargo Board Chair Betsy Duke said, “Tim Sloan has served this company with pride and dedication for more than 31 years, including in his role as CEO since October 2016. He has worked tirelessly over this period for all of our stakeholders in the best long-term interest of Wells Fargo. His decision, and today’s announcement, reflect that commitment and his belief that a new CEO at this time will best position the company for success.”

Sloan said, “I have been very fortunate to work for such a great company, and with so many dedicated team members, for more than 31 years, and I am very proud of what we have accomplished together. In my time as CEO, I have focused on leading a process to address past issues and to rebuild trust for the future. We have made progress in many areas and, while there remains more work to be done, I am confident in our leadership team and optimistic about the future of Wells Fargo. However, it has become apparent to me that our ability to successfully move Wells Fargo forward from here will benefit from a new CEO and fresh perspectives. For this reason, I have decided it is best for the company that I step aside and devote my efforts to supporting an effective transition.”

Parker has served as senior executive vice president and general counsel at Wells Fargo since March 2017. Previously, he was presiding partner at the law firm of Cravath, Swaine & Moore, where he was responsible for development and implementation of firm-wide strategy and day-to-day firm leadership, including financial analysis and reporting, business development, risk management, and public relations.

While at Cravath, Parker also served as deputy presiding partner from January 2007 to December 2012 and as managing partner of the corporate department from January 2001 to December 2004. Parker joined Cravath in 1984 and was a member of the firm’s corporate governance and board advisory practice. He has extensive experience in a broad range of finance, banking and related matters.

“In my two years at Wells Fargo, I have been deeply impressed with the commitment of our 259,000 team members to move this great company forward and to build an even stronger foundation for the future,” said Parker. “I am fully committed to this role as we continue the important work at hand in support of all our stakeholders, particularly our customers, and prepare for a smooth and effective transition to a permanent CEO.”

Given Parker’s new role, Deputy General Counsel Douglas R. Edwards will serve as interim general counsel and join the company’s Operating Committee, effective immediately. A 24-year company veteran, Edwards most recently led the Global Commercial and Securities Division of the Legal Department.