WFC Wells Fargo and Company

By Colin Kellaher

Wells Fargo & Co. Monday said Chairman Elizabeth Duke has resigned from the board.

Ms. Duke had been chairman of the San Francisco bank since January 2018 and previously served as vice chairman from October 2016 through December 2017.

Board member James Quigley also resigned.

Wells Fargo said Charles Noski, who joined the board in June 2019, will now serve as chairman. Mr. Noski is a retired vice chairman and former chief financial officer of Bank of America Corp.

Ms. Duke, who had served on the Wells Fargo board since January 2015, replaced Stephen Sanger as chairman at the start of 2018, making the former Federal Reserve governor the first woman to hold a top board role at one of the nation's largest banks.

She took the helm of the board as Wells Fargo battled a sales-practices scandal and other problems, and last year oversaw the appointment of outsider Charles Scharf as chief executive.

"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," Ms. Duke and Mr. Quigley said in a statement. "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."

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

March 09, 2020 06:38 ET (10:38 GMT)

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