MINNEAPOLIS _ John Stumpf, the former chief executive of Wells Fargo, has stepped down from the board of Minneapolis-based Target Corp.
The retailer filed a one-line notification with the Securities and Exchange Commission on Tuesday saying that Stumpf told the company the day before that he resigned from the board "effective immediately."
Stumpf, a Minnesota native, relinquished his role as CEO of the nation's second-largest bank last week in the midst of a scandal over its sales practices in which employees, under pressure to meet aggressive sales targets, opened bank and credit card accounts without customer authorization.
As the controversy picked up steam, some Target shareholders pushed it to oust Stumpf from its board. One shareholder even took out an ad in the Star Tribune demanding his immediate resignation from the board.
