On Tuesday, Wells Fargo & Co. (NYSE:$WFC) announced that its board has named Elizabeth Duke as independent chairwoman to take the place of Stephen Sanger who is retiring at the end of this year.

Additionally, Wells Fargo plans to name up to three new directors ahead of next year’s annual meeting. Duke’s appointment comes at a time when the bank is continuing its effort to restore its credibility in the wake of an account fraud scandal in 2016.

Duke became a director of the bank in 2015, after serving as a member of the Federal Reserve Board of Governors.

After closing at $52.85, Wells Fargo shares were flat in the extended trading session.

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Author Caroline Harris

About the author: Caroline Harris is a third-year student at Capilano University in North Vancouver, Canada. Having already completed an Associates Degree in Psychology, Caroline is now finishing her Bachelor's degree in Communications. In preparation for working in the advertisement sector, Caroline is writing financial content and analysis. On a daily basis, Caroline works on articles regarding the following topics: finance, cryptocurrency, technology, and politics.