Wells Fargo has taken a range of board of directors refreshment actions, including naming Elizabeth A. “Betsy” Duke to succeed Stephen W. Sanger as independent chair, effective January 1, 2018. In addition, three long-serving directors (including Sanger) will retire at year-end 2017 and a new independent director will join. The bank is also changing the composition of board committees, effective September 1, 2017.

The actions follow appointments of two new independent directors, Karen B. Peetz and Ronald L. Sargent, earlier this year. The board expects to name up to three additional independent directors before the 2018 annual meeting.

“The changes announced today reflect a thoughtful and deliberate process by the board that was informed by the company’s engagement with shareholders and other stakeholders, as well as the board’s annual self-evaluation that was conducted after the 2017 annual meeting and prior to its typical year-end timing,” Sanger said.

To facilitate its 2017 self-evaluation, the board engaged Mary Jo White, a senior partner at Debevoise & Plimpton and former chair of the Securities and Exchange Commission.