Wells Fargo Nonexecutive Chairman Sanger Likely to Step Down
August 10 2017 - 12:01PM
Dow Jones News
By Emily Glazer
The board of Wells Fargo & Co., grappling with fresh
problems even as it tries to move past the bank's sales-practices
scandal, is planning a shake-up that is likely to include Stephen
Sanger stepping down as nonexecutive chairman, according to people
familiar with the matter.
Directors are aiming to make final decisions on any changes by
Labor Day, some of the people said. Mr. Sanger is expected to step
down before the bank's shareholder meeting next spring, one of
these people said. Vice Chair Elizabeth Duke, a former Federal
Reserve governor, is then likely to take the top spot, some of
these people said.
Discussions about board changes have been under way for a few
months, spurred by dismal results at the bank's shareholder
meeting. They also come against the backdrop of calls in Washington
for even more dramatic action at the bank.
Neither Mr. Sanger or Ms. Duke was immediately available for
comment.
More to come
Write to Emily Glazer at emily.glazer@wsj.com
(END) Dow Jones Newswires
August 10, 2017 11:46 ET (15:46 GMT)
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