Wells Fargo Amends By-Laws to Require Separation of Chairman and CEO Roles
December 01 2016 - 02:30PM
Business Wire
Wells Fargo & Company (NYSE: WFC) today announced that its
Board of Directors 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,” said Stephen Sanger, Chairman of the
Board. “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.
While the investigation of these practices and related matters by
the independent directors continues in earnest, we believe this
action will enhance the Board’s independence and its oversight of
the Company’s management, and we appreciate the feedback that we
received from our investors on this matter.”
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified,
community-based financial services company with $1.9 trillion in
assets. Founded in 1852 and headquartered in San Francisco, Wells
Fargo provides banking, insurance, investments, mortgage, and
consumer and commercial finance through more than 8,600 locations,
13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and
has offices in 42 countries and territories to support customers
who conduct business in the global economy. With approximately
269,000 team members, Wells Fargo serves one in three households in
the United States. Wells Fargo & Company was ranked No. 27 on
Fortune’s 2016 rankings of America’s largest corporations. Wells
Fargo’s vision is to satisfy our customers’ financial needs and
help them succeed financially.
Cautionary Statement About Forward-Looking Statements
This news release contains forward-looking statements about our
future financial performance and business. Because forward-looking
statements are based on our current expectations and assumptions
regarding the future, they are subject to inherent risks and
uncertainties. Do not unduly rely on forward-looking statements as
actual results could differ materially from expectations.
Forward-looking statements speak only as of the date made, and we
do not undertake to update them to reflect changes or events that
occur after that date. For information about factors that could
cause actual results to differ materially from our expectations,
refer to our reports filed with the Securities and Exchange
Commission, including the discussion under “Risk Factors” in our
Annual Report on Form 10-K for the year ended December 31, 2015, as
filed with the Securities and Exchange Commission and available on
its website at www.sec.gov.
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Sard Verbinnen & Co.George Sard/Paul Scarpetta/Chris
Kittredge212-687-8080WellsFargo-svc@sardverb.com
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