Less than a month after Senator Elizabeth Warren called for his head, embattled Wells Fargo CEO John Stumpf is out. Wells Fargo announced Wednesday evening that Stumpf is retiring, effective immediately.

Tim Sloan, Wells Fargo’s current president and chief operating officer, will succeed Stumpf as CEO. Stephen Sanger, the bank’s lead director, has been chosen to serve as the board’s non-executive chairman.

“I am grateful for the opportunity to have led Wells Fargo,” Stumpf said in a statement Wednesday. “I am also very optimistic about its future, because of our talented and caring team members and the goodwill the stagecoach continues to enjoy with tens of millions of customers. While I have been deeply committed and focused on managing the company through this period, I have decided it is best for the company that I step aside. I know no better individual to lead this company forward than Tim Sloan.”