Elizabeth A. Duke and James H. Quigley Resign From Wells Fargo Board
March 09 2020 - 6:00AM
Business Wire
Wells Fargo & Company (NYSE: WFC) today announced that
Elizabeth A. Duke has resigned as Chair and a member of Wells
Fargo’s Board of Directors. Duke was elected Chair of Wells Fargo’s
Board, effective January 2018, and previously served as Vice Chair
from October 2016 through December 2017. She served on a number of
committees in her time on the Board, including the Finance,
Governance and Nominating, and Risk Committees.
Wells Fargo also announced that James H. Quigley has resigned as
a member of the Board.
Both resignations were effective Sunday, March 8th.
Charles H. Noski will serve as Chair of the Wells Fargo Board.
Noski joined the Board in June 2019. He is a retired Vice Chairman
and former Chief Financial Officer of Bank of America
Corporation.
CEO Charlie Scharf said, “On behalf of Wells Fargo and all of
its employees, I would like to thank Betsy and Jim for the
contributions they have made over the past several years. They have
helped the Board navigate significant challenges relating to the
sales practices issues, and they began the hard work of instituting
necessary changes in leadership, governance, compensation programs
and our business model that form the foundation on which we are
continuing to rebuild the trust we’ve lost. We wish them the
best.”
Duke and Quigley said, “Since we were made aware of the
egregious harms suffered by Wells Fargo’s customers, we were and
remain fiercely determined to do right by them and to strengthen
the bank’s culture and controls. We have made these our top
priorities. In addition, we hired new external leadership with the
ability to be an effective change-agent, which we found with our
CEO, Charlie Scharf. As the markets face increasing volatility, a
strong Wells Fargo is needed now more than ever. Out of continued
loyalty to Wells Fargo and ongoing commitment to serve our
customers and employees, we recommended to our colleagues on the
Board that we step down from our leadership roles and they have
accepted our resignation from the Board. We believe that our
decision will facilitate the bank’s and the new CEO’s ability to
turn the page and avoid distraction that could impede the bank’s
future progress.”
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified,
community-based financial services company with $1.9 trillion in
assets. Wells Fargo’s vision is to satisfy our customers’ financial
needs and help them succeed financially. Founded in 1852 and
headquartered in San Francisco, Wells Fargo provides banking,
investment and mortgage products and services, as well as consumer
and commercial finance, through 7,400 locations, more than 13,000
ATMs, the internet (wellsfargo.com) and mobile banking, and has
offices in 32 countries and territories to support customers who
conduct business in the global economy. With approximately 260,000
team members, Wells Fargo serves one in three households in the
United States. Wells Fargo & Company was ranked No. 29 on
Fortune’s 2019 rankings of America’s largest corporations. News,
insights and perspectives from Wells Fargo are also available at
Wells Fargo Stories.
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version on businesswire.com: https://www.businesswire.com/news/home/20200309005376/en/
Media Arati Randolph, (704) 383-6996
Arati.randolph1@wellsfargo.com
Jennifer Langan, (213) 598-1490
Jennifer.L.Langan@wellsfargo.com
Investor Relations John Campbell, (415) 396-0523
john.m.campbell@wellsfargo.com
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