Wells Fargo Chairman and CEO John Stumpf continues to blame everyone else for the opening of unauthorized accounts and he absolutely has to go, shareholder rights activist Gerald Armstrong said Monday.

Armstrong also wants to see a shake-up of the board of directors.

“I think it should be rejuvenated, reactivated and made into a very intense entity that is monitoring the managing of the corporation. That is a board’s duty,” he said in an interview with CNBC’s “Closing Bell.”

Armstrong has a “significant” personal investment in the company.

Read on.