Wells Fargo's John Stumpf Out As CEO Immediately, And Getting No Severance Pay!
Basically he lied, misled, mismanaged, or in other words he didn't perform his responsibilities as the CEO. Interesting, taking responsibility for your actions. Way to go Well Fargo. More corporate entities should see this as an example of proper procedures when dealing with executive mismanagement.
To make this a little more clear, there are some similarities between what took place within Cabela's and Wells Fargo. However, not complete correlations. As I have been an outside observer of the history of Cabela's since its entry into the public sector, one must consider the Company's actions may have been meticulously planned.
The accusations against Well Fargo are primarily that they criminally used specific individuals personal identities to misrepresent their financial figures. There have been some instances where Cabela's has possibly manipulated or misrepresented their position(s) to mislead their figures, however it wasn't at the expense of specific individuals. Ok I agree, it can be viewed that there may have been specific individuals were criminally affected by these possible misleading actions. In short, I concur with the post that corporations need to be held responsible for their decisions. However, if the objective was to represent themselves to be attractive to prospective buyers then consider the objective complete. Now that being said, if there was misrepresentation to achieve the objective then there would need to be a regulatory investigation to determine if there were specific people of groups that profited from the misrepresented actions. And wow!, if individuals or groups of individuals were misled and they were financially affected, then yeah there may be civil litigation in the future.
Our leaders don't have the balls to do what everyone knows is right