Wells Fargo Adds Three Board Members as Regulators Weigh Action
November 29 2017 - 10:42AM
Dow Jones News
By Cara Lombardo
Wells Fargo & Co. will add three new independent directors
to its board, the company said Wednesday, as federal regulators
scrutinize its auto-insurance and mortgage operations and it
manages fallout from a report it overcharged hundreds of
foreign-exchange clients.
The new board members beginning Jan. 1 are Celeste Clark,
Theodore Craver and Maria Morris.
Ms. Clark was previously chief sustainability officer and public
policy and external relations officer at food-maker Kellogg Co. and
is also principal of a health and regulatory policy consulting
firm. Mr. Craver is the former chief executive of utility company
Edison International and Ms. Morris is a former MetLife Inc.
executive.
Wells Fargo has been reshaping its board as it responds to a
string of high-profile scandals concerning its business practices.
The Wall Street Journal reported Wednesday that federal regulators
from the Office of the Comptroller of the Currency have advised the
board that they are weighing formal enforcement actions after
improprieties that included forcing nearly 600,000 customers who
financed cars with Wells Fargo to buy unneeded collision
coverage.
Earlier this week, the Journal reported that an internal Wells
Fargo review found the company overcharged hundreds of clients in
its foreign-exchange business.
Ms. Clark's public policy experience "will bring expertise and
perspective to the board at a time when environmental, social and
governance matters have become increasingly important for the
company's operations and key areas of interest for our many
stakeholders," said Donald James, who chairs the board's nominating
committee.
With the latest additions, Well Fargo's board has named six new
directors this year and will have a 16-member board beginning next
year.
Write to Cara Lombardo at cara.lombardo@wsj.com
(END) Dow Jones Newswires
November 29, 2017 10:27 ET (15:27 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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