Wells Fargo adds former SunTrust executive to its board
Wells Fargo has added another banker to its board, continuing a recent pattern of selecting directors with substantial financial industry experience.
The latest addition is Mark Chancy, who spent 18 years at SunTrust Banks, where he served most recently as vice chairman, co-chief operating officer and head of the company’s consumer segment. Chancy, who was not named to a joint executive management team that was formed after SunTrust merged with rival BB&T, retired from the Atlanta-based company in December.
“We are delighted to welcome Mark to the board,” Wells Chairman Charles Noski said in a press release Friday. “He is an experienced banker with risk and regulatory expertise, a deep financial services background, a record of proven business results and a customer-first mindset.”
Wells Fargo’s board, which has drawn criticism for its role in the San Francisco company’s various scandals, has been largely reconfigured in recent years. Only two of the current directors have been serving since before 2017. Many of the individuals who have departed lacked extensive experience in the banking industry.
Since Charlie Scharf was selected to become Wells Fargo’s CEO last September, the $1.95-trillion asset company has added three new directors, all of whom have spent much of their careers in the banking industry.
Richard Payne, who joined the board in October 2019, is a former U.S. Bancorp vice chairman. Steven Black, who was elected to the board in April 2020, was a member of the operating committee at JPMorgan Chase.
Noski, who joined the Wells Fargo board in June 2019 and was elected chairman in March 2020, is a former chief financial officer at Bank of America.
Since February 2018, Wells has been operating under a consent order with the Federal Reserve Board that caps the company’s assets. The order also includes various requirements aimed at improving the effectiveness of its board.
Chancy will serve on the board’s audit and risk committees, and his election increases the size of its board to 13 members, Wells Fargo said in a securities filing.
“Mark brings an impressive combination of business, operational and finance experience in the banking industry to our board,” Scharf said in the press release.