Wells Fargo Separates Chairman, CEO Roles
SAN FRANCISCO (dpa-AFX) - Wells Fargo & Company (WFC) announced that its Board has amended the Company's By-Laws to require the separation of the Chairman and CEO roles and for the Chairman and Vice Chairman of the Board to be independent directors.
The Board approved the By-Law amendments, which are effective immediately, on November 29, 2016.
"The Board previously acted to elect an independent Chairman to lead the Board and we believe formalizing this structure is the right decision at this time for the Company and its investors, customers, and team members. Efforts to restore the trust of our customers and team members are well underway and will continue until we have fully addressed the issues surrounding retail banking sales practices," said Stephen Sanger, Chairman of the Board.
In October, Wells Fargo said Chairman and Chief Executive Officer John Stumpf retired from the company and the Board, as the bank struggles to re-establish itself after the fake-account scandal. The Board then elected Tim Sloan, the company's President and Chief Operating Officer, to succeed Stumpf.
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