Stumpf’s move comes just weeks after he was grilled by two congressional panels over the way the bank handled an alleged scam where upward 2 million accounts were created by employees without the knowledge of customers.

Stumpf, 63, is resigning as both CEO and chairman. The roles are now split. The company’s president and chief operating officer, Tim Sloan, 55, will replace Stumpf as CEO. Stephen Sanger, a former Yoplait USA president and member of the Wells Fargo board since 2003, was named as the board’s non-executive chairman.

Sloan said Tuesday on CNBC that Carrie Tolstedt, who led the bank’s community banking unit where the misconduct occurred, reported directly to him when he became the chief operating officer late last year. The Washington Post points out that Sloan spent most of his career at Wells Fargo working for a different side of the bank that focused more on serving corporations or professional investors, which is separate from the retail side of the bank that got in trouble for making the fraudulent accounts. Some analysts say that gives him some distance from the scandal, which could come in handy as lawmakers and investors look for reassurance that the bank is heading in a new direction.

In an interview with the Post, Sloan said he wished the transition was happening under different circumstances. When asked what his biggest challenge will be, Sloan said: “While I am confident in my ability to be successful in the role, it is a new role.” But he said the “good news” is that he will be surrounded by a team that can help him as he moves the company forward. “We have a reputation we need to repair,” he said.