Robert Steel is resigning his seat on Wells Fargo & Co.'s board of directors, the company said in a filing with the Securities and Exchange Commission on Friday.

A former deputy secretary of the Treasury Department and CEO of Wachovia Corp., Steel was obligated to give up role on the board after he was named the deputy mayor of New York late last month. His resignation will go into effect at the end of July - with his new job in New York beginning in August.

Steel headed Wachovia from mid-2008 to the end of that year, when Wells' crisis-time acquisition of Wachovia was completed. On Friday, a representative of Wells Fargo said the company was appreciative of his service and wished him the best in his new job.

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