Wells Fargo Names Two New Independent Directors
February 20 2017 - 4:00PM
Business Wire
Karen Peetz and Ron Sargent Join
Board
The Board of Directors of Wells Fargo & Company (NYSE:WFC)
today announced that it has elected Karen B. Peetz, retired
president of The Bank of New York Mellon Corporation, and Ronald L.
Sargent, retired chairman and chief executive officer of Staples,
Inc., as new independent directors.
Chairman of the Board Stephen Sanger commented, “We are very
pleased to add these two exceptional leaders to our Board. Karen
will provide particular expertise in financial services, client
services, and regulatory matters, while Ron brings deep experience
in consumer retail and marketing, as well as in the management of a
large workforce serving customers globally through a variety of
channels. These new perspectives will make an important
contribution to the Board’s oversight of Wells Fargo and help
ensure that we continue to move in the right direction to restore
the trust of our customers and create value for our
shareholders.”
Ms. Peetz will serve on the Board’s Finance Committee and Mr.
Sargent will serve on the Board’s Governance and Nominating
Committee. Both new directors will also serve on the Board’s Human
Resources Committee.
Karen Peetz
Karen Peetz has 35 years of large-bank experience. She served as
President of Bank of New York Mellon from January 2013 until her
retirement in December 2016. In this position, she oversaw the
bank’s global client management and regional management, its
treasury services business, and its regulatory oversight functions.
After joining the Company in 1998, Ms. Peetz served in leadership
roles including Vice Chairman, Senior Executive Vice President, and
Chief Executive Officer of the Financial Markets and Treasury
Services Group. Before joining BNY Mellon, Ms. Peetz spent 16 years
with JPMorgan Chase in various management, sales and corporate
lending positions. She serves on the Boards of Johns Hopkins
University and the Global Lyme Alliance. She holds a Bachelor’s
degree from Pennsylvania State University and a Master’s degree
from Johns Hopkins University.
Ronald Sargent
Ron Sargent spent over 27 years at Staples, Inc. in various
senior leadership positions, including as Chairman, President, and
Chief Executive Officer. He served as Chairman from March 2005
until January 2017 and as Chief Executive Officer from February
2002 to June 2016, and as Chief Executive Officer led overall
operations and strategy. Mr. Sargent joined Staples from The Kroger
Co. in 1989, where he spent 10 years in executive positions of
increasing responsibility. Mr. Sargent serves on the Boards of Five
Below, Inc. and The Kroger Co. He received both a Bachelor’s degree
and an MBA degree from Harvard University.
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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