Wells Fargo & Co. announced Monday that it its board has tapped veteran board member and former General Mills Inc. Chairman Stephen W. Sanger to be its lead director.
Sanger, 65, replaced Philip J. Quiqley as lead director on Jan. 1. Quigley had served in the role since Wells created it in 2009 as part its effort to promote more board independence. Quigley, 69, will remain on the company's board.
Sanger has served on Wells' human resources committee since he joined the company's board in 2003. He has chaired the committee for the past five years and has also served on the risk and government and nominating committees.
Sanger is a former director, chairman and chief executive at General Mills, one of the world's largest food companies, and also on the boards of drug maker Pfizer Inc. and retailer Target Corp.
As Wells' lead director, Sanger will largely serve as a liaison between Wells' chairman and CEO, John Stumpf, and the other independent directors.
"Steve Sanger has been a strong contributor to our board and I know he will carry out the responsibilities of lead director with his characteristic thoroughness, enthusiasm, and dedication to serving the best interests of Wells Fargo and its shareholders," Stumpf said in a news release.
