For those interested in banking and investing, you might find today’s news interesting. On Thursday, the Dow Jones reported that Wells Fargo Chairman Stephen Sanger will likely step down from his position as non-executive chairman. According to people familiar with the matter, the departure of Sanger is part of the board’s effort to give the bank a face lift in the wake of its consumer sales scandal.
Even though Wells Fargo & Company (NYSE:$WFC) declined to comment to CNBC, sources close to the matter did state that directors are hoping to make a final decision on any changes by Labor Day.
Last Friday, the San Francisco-based company announced in a quarterly SEC filing that its Board of Directors is revisiting its structure, composition, and practices of the bank, which is “expected to result in actions in third quarter 2017.”
Stephen Sanger has been the elected chairman of the board since October of last year and was chairman of General Mills for more than a decade until he retired from his position in May of 2008, according to the bank’s website. Additionally, the site said Stephen Sanger is also a director of Pfizer (NYSE:$PFE).
It is likely that Vice Chair Elizabeth Duke – former member of the Federal Reserve’s Board of Governors during the 2008 financial crisis – will take Sanger’s spot.
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