Receiving Wide Coverage ... Changes at the top: Wells Fargo’s board of directors, amid a recent flurry of scandals unrelated to last year’s huge phony accounts debacle, is planning a major shake-up that will likely lead to Stephen Sanger leaving as nonexecutive chairman. Vice Chair Elizabeth Duke, a former Federal Reserve governor, is said to be in line to take his place. The changes are expected by Labor Day.
“The bank has come in for repeated criticism over its decision to replace former chairman John Stumpf with Mr. Sanger, a longstanding corporate insider who was formerly lead director and has sat on the board for 14 years,” the Financial Times says. “Since his appointment in October 2016, he has encountered a series of setbacks in getting the bank back on track. He received backing from only 56% of votes cast at the bank’s stormy annual meeting this year.”