Daily News: January 8, 2019

Hewett Joins Wells Fargo Board of Directors

Wayne M. Hewett was elected to the Wells Fargo board of directors. Hewett will serve on the board’s Human Resources and Risk Committees.

Hewett is a seasoned executive who has worked in a number of industries in senior leadership positions. He is currently chairman of DiversiTech, a manufacturer and supplier of components for the heating, ventilating, air conditioning and refrigeration industry, and serves on the Home Depot board of directors as a member of the Audit and Leadership Development and Compensation Committees.

From 2015 to 2017, he served as CEO of Klöckner Pentaplast Group, a global supplier of packaging for various industries, including pharmaceutical, medical devices, food and electronics. Hewett also served as CEO of Arysta LifeScience after spending more than 20 years with General Electric.

Betsy Duke, Wells Fargo board chair, said, “Wayne is a proven leader, and his extensive experience in business operations and processes, including executing on strategic initiatives in complex operating environments, makes him an outstanding addition to our board as the company focuses on achieving operational excellence. We welcome him to Wells Fargo.”

“Wayne brings a unique and relevant background to Wells Fargo’s business and strategic direction, further enhancing the breadth of skills and experience of our board,” said Wells Fargo President and CEO Tim Sloan. “I look forward to working with him and our other directors as we continue the transformation of Wells Fargo.”

Concurrent with Hewett’s appointment, Karen B. Peetz decided that she will not stand for re-election and will retire as a director at the company’s 2019 Annual Meeting of Shareholders in April. Peetz wishes to devote more time to other commitments and activities.

“The entire board thanks Karen for her many contributions to the board and company, including as chair of the Risk Committee, as the company has made significant progress in risk management and in building a better company for its customers, team members, shareholders and other stakeholders,” Duke said.

“I have greatly valued my time on the Wells Fargo board working closely with such dedicated directors and our CEO Tim Sloan,” said Peetz. “I especially appreciate working with the members of the Risk Committee, Chief Risk Officer Mandy Norton and the risk management leadership team. Their collective efforts have positioned the company well to continue strengthening risk management oversight and practices.”