Daily News: March 2, 2018

Wells Fargo to Replace Four Board Members

Continuing the board refreshment process Wells Fargo began in 2017, the board’s longest serving directors – John S. Chen, Lloyd H. Dean, and Enrique Hernandez, Jr. – along with Federico F. Peña, who was scheduled to retire from the board in 2019, have decided to step down at the company’s 2018 annual meeting of shareholders.

As a result of these retirements, which are part of the board’s regular succession planning practices, the board will nominate 12 of its current directors for election at the company’s annual shareholder meeting, scheduled for April 24, 2018.

“On behalf of the entire board, I want to thank John, Lloyd, Rick, and Federico for their many contributions and service to our board and company,” said board chair Betsy Duke. “We respect their decisions to retire and know our board benefited greatly from their expertise and perspectives during their many years of service. We wish them well in the future.”