– USA, CA – Wells Fargo & Company (NYSE:WFC) today announced that its Board of Directors has elected three new independent directors as part of its succession planning and refreshment process. The three new directors, each of whom will join the board on Jan. 1, 2018, are:
With today’s announcement, the board has named six new directors in 2017 and a total of eight new independent directors since 2015. On Jan. 1, 2018, the average tenure of the board’s directors will fall to slightly less than five years from 8.4 years at the company’s 2017 annual meeting of shareholders.
“The board’s composition has changed significantly as it remains focused on being responsive to shareholders, enhancing oversight and creating value for shareholders,” said Elizabeth A. “Betsy” Duke, vice chair, who becomes chair on Jan. 1, 2018.
“Through a thoughtful and deliberate process that was informed by the board’s annual self-evaluation conducted earlier this year and feedback from shareholders and other stakeholders, Wells Fargo’s board has enhanced its overall capabilities and expertise and at the same time maintained an appropriate mix of tenure, experience and diversity,” Duke said.
The board’s new directors include distinguished leaders with relevant experience in financial services, risk management, technology, consumer, retail, finance, accounting, human capital management, public policy and marketing as well as environmental, social and governance matters. Among the six new directors named in 2017, three are women and two are ethnically diverse.
“Celeste’s deep public policy, sustainability and regulatory affairs experience for a large consumer company will bring expertise and perspective to the board at a time when environmental, social and governance matters have become increasingly important for the company’s operations and key areas of interest for our many stakeholders,” said Donald M. James, chair of the board’s Governance and Nominating Committee. “Ted’s and Maria’s executive leadership experience with large dynamic organizations, including financial services companies, will bring additional industry, consumer, risk management, technology and regulatory experience to the board.”
Clark will serve as a member of the Corporate Responsibility Committee. Craver will join the Audit and Examination Committee. Morris will serve as a member of the Risk Committee.
“Celeste, Ted and Maria will be invaluable to management’s efforts to achieve industry leadership in customer service and advice, risk management, innovation, corporate citizenship and shareholder value,” said Tim Sloan, president and CEO. “I look forward to working with them and the other directors as we continue to make Wells Fargo a better and stronger company for all of our stakeholders.”
The election of Clark, Craver, and Morris as directors, which follows the board’s election in 2017 of Karen B. Peetz, Juan A. Pujadas, and Ronald L. Sargent, will fill the vacancies created by the previously announced retirements of Cynthia H. Milligan, Stephen W. Sanger, and Susan G. Swenson at year-end 2017. As a result of those retirements and today’s announcement, the board will have 16 members on Jan. 1, 2018.
About Celeste Clark
Clark is a principal of Abraham Clark Consulting, LLC, a health and regulatory policy consulting firm. She is the retired senior vice president of Global Public Policy and External Relations and chief sustainability officer of Kellogg Company, a food manufacturing company. She served as senior vice president of Global Public Policy and External Relations from 2010 and chief sustainability officer from 2008 until 2011. Clark joined Kellogg in 1977 and held other senior management positions, including vice president of Corporate and Scientific Affairs and senior vice president of Global Nutrition and Corporate Affairs. She is an adjunct professor at Michigan State University in the Department of Food Science and Human Nutrition. Clark is a member of the board of directors of The Hain Celestial Group, Inc. and Omega Protein Corporation. She has previously served as a director of several other public and private companies, and currently is member of the board of trustees of W.K. Kellogg Foundation.
About Ted Craver
Craver is the retired chairman, president, and CEO of Edison International, an electric utility holding company located in Rosemead, Calif. He served as chairman, president and CEO of Edison from 2008 to 2016 and as chairman, president and CEO of Edison Mission Energy, a subsidiary of Edison, from 2005 to 2008. He joined Edison in 1996 and held other senior management positions, including executive vice president, chief financial officer, and treasurer. Before joining Edison, Craver served as executive vice president and corporate treasurer of First Interstate Bancorp, a Wells Fargo predecessor company, and executive vice president and chief financial officer of First Interstate’s wholesale banking subsidiary. Craver is a member of the board of directors of Duke Energy Corporation, where he chairs the audit committee. He also serves on the Federal Reserve Bank of San Francisco’s Economic Advisory Council.
About Maria Morris
Morris is the retired executive vice president and head of the Global Employee Benefits business of MetLife, Inc., a global provider of life insurance, annuities, employee benefits and asset management services. She served as executive vice president and head of the Global Employee Benefits business from 2011 and former interim head of the U.S. Business from 2016 until July 2017, with responsibility for MetLife’s employee benefits business in more than 40 countries, including its relationships with multinational companies and distribution relationships with financial institutions. Morris served in multiple other leadership roles after joining MetLife in 1984, including as interim chief marketing officer from April 2014 to January 2015 and as head of Global Technology and Operations from 2008 until 2011 where she oversaw the successful integration of MetLife’s $16.4 billion acquisition of American Life Insurance Company. She is a member of the board of directors of S&P Global Inc.
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, insurance, investments, mortgage, and consumer and commercial finance through more than 8,400 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 268,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 25 on Fortune’s 2017 rankings of America’s largest corporations. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories.
For more information : http://www.wellsfargo.com
- Disclaimer - News, data and statement included in this release are intended exclusively for information purposes. Product and brand names used in this release maybe trademarks or registered trade marks of their respective owners. Talent4Boards accepts neither liability for the consequences of the reader’s reliance, nor responsibility for the adequacy or accuracy of this release. No data or statement in this release should be considered a recommendation for the purchase, retention or sale of the securities referred to herein.
Comments are closed.