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Former Wells Fargo CEO resigns from boards of Chevron, Target

Former Wells Fargo CEO John Stumpf has resigned from the board of directors of both Chevron and Target, according to Tuesday filings.

The former bank chief notified both companies on Monday that he was resigning, effective immediately.

"Mr. Stumpf resigned for personal reasons and not as a result of a disagreement with Chevron," the oil giant said in a filing.

Last week, Wells Fargo announced that Stumpf was retiring, amid a scandal at the bank in which approximately 2 million accounts were opened without customer authorization.