Daily News: November 30, 2017

Wells Fargo Names Three New Independent Directors

The Wells Fargo board of directors elected three new independent directors as part of its succession planning and refreshment process. The new directors – Celeste A. Clark, Theodore F. Craver and Maria R. Morris – will join the board on January 1, 2018.

Clark is former chief sustainability officer and global public policy and external relations officer of Kellogg, where she led Kellogg’s global Corporate Communications, Public Affairs, Sustainability and Philanthropy functions.

Craver is former chairman, president and CEO of Edison International, one of the nation’s largest electric utilities. Prior to joining Edison, Craver spent 23 years in banking and was corporate treasurer of First Interstate Bancorp, a Wells Fargo predecessor company.

Morris was most recently head of the Global Employee Benefits business and interim head of the U.S. business of MetLife, where she previously was head of Technology and Operations.

With today’s appointments, the board has named six new directors in 2017 and a total of eight new independent directors since 2015. On January 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 will become chair on January 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.

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.