Wells Fargo (WFC) Changes By-Laws to Require Separation of Chairman and CEO Roles
- Top 10 News for 12/2: Crude Rips on OPEC Cut; Starbucks' Schultz Steps Down; Nonfarm Payrolls Flat in Nov.
- Unemployment Rate Drops to 4.6%
- Bond yields slip on U.S. jobs data, euro steady before Italy vote
- Alibaba (BABA) Founder Jack Ma Discuss Plans to Retire; 'I Don't Want to Die at the Office'
- Starbucks Coffee (SBUX) CEO Howard Schultz to Step Down, Appointed Executive Chairman; Kevin Johnson New CEO
Get the Pulse of the Market with StreetInsider.com's Pulse Picks. Get your Free Trial here.
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.”
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- PICO Holdings (PICO) Announces Leadership, Governance Changes; Terminates Central Square Agreement
- bluebird bio (BLUE) Names New COO and New SVP of Europe
- Amgen (AMGN), Allergan (AGN) Announce Submission of ABP 215 MAA to EMA
Create E-mail Alert Related CategoriesCorporate News, Management Changes, Management Comments
Related EntitiesWells Fargo
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!