Wells Fargo has announced several changes to its leadership and governance as it seeks to rebuild confidence amid several scandals
Wells Fargo has announced several changes to its leadership and governance as it seeks to rebuild confidence amid several scandals.
The lender has appointed its first ever female chair of its board, former Federal Reserve board of governors member Elizabeth Duke. She is the current vice-chair and has served on the board since 2015.
She will replace Stephen Sanger on January 1, 2018. He has only been in the role since last fall but was due to retire mid-way through 2018.
“Betsy was the unanimous choice to lead the Board as it continues its focus on strengthening oversight and rebuilding the trust of shareholders, customers, and other stakeholders,” said Sanger. “Her broad understanding of the financial system and markets combined with years of main street community banking experience make her the ideal Chair to work with the rest of the Board and Tim Sloan as Wells Fargo continues to move forward.”
Other changes being implemented include the retirement of Cynthia H. Milligan (who joined in 1992) and Susan G. Swenson (who joined in 1998) at year-end 2017; and the appointment of Juan A. Pujadas, a retired principal of PricewaterhouseCoopers (“PwC”) LLP, as a new independent director, effective September 1, 2017.
There will also be new members of several of the bank’s governance committees, strengthening of oversight responsibilities, and the formation of a stakeholder advisory council.
“The changes announced today reflect a thoughtful and deliberate process by the Board that was informed by the company’s engagement with shareholders and other stakeholders, as well as the Board’s annual self-evaluation that was conducted after the 2017 Annual Meeting and prior to its typical year-end timing,” said Sanger.
The lender has appointed its first ever female chair of its board, former Federal Reserve board of governors member Elizabeth Duke. She is the current vice-chair and has served on the board since 2015.
She will replace Stephen Sanger on January 1, 2018. He has only been in the role since last fall but was due to retire mid-way through 2018.
“Betsy was the unanimous choice to lead the Board as it continues its focus on strengthening oversight and rebuilding the trust of shareholders, customers, and other stakeholders,” said Sanger. “Her broad understanding of the financial system and markets combined with years of main street community banking experience make her the ideal Chair to work with the rest of the Board and Tim Sloan as Wells Fargo continues to move forward.”
Other changes being implemented include the retirement of Cynthia H. Milligan (who joined in 1992) and Susan G. Swenson (who joined in 1998) at year-end 2017; and the appointment of Juan A. Pujadas, a retired principal of PricewaterhouseCoopers (“PwC”) LLP, as a new independent director, effective September 1, 2017.
There will also be new members of several of the bank’s governance committees, strengthening of oversight responsibilities, and the formation of a stakeholder advisory council.
“The changes announced today reflect a thoughtful and deliberate process by the Board that was informed by the company’s engagement with shareholders and other stakeholders, as well as the Board’s annual self-evaluation that was conducted after the 2017 Annual Meeting and prior to its typical year-end timing,” said Sanger.
