Karen Peetz and Ron Sargent Join Board
The Board of Directors of Wells Fargo & Company (NYSE:WFC) today
announced that it has elected Karen B. Peetz, retired president of The
Bank of New York Mellon Corporation, and Ronald L. Sargent, retired
chairman and chief executive officer of Staples, Inc., as new
independent directors.
Chairman of the Board Stephen Sanger commented, “We are very pleased to
add these two exceptional leaders to our Board. Karen will provide
particular expertise in financial services, client services, and
regulatory matters, while Ron brings deep experience in consumer retail
and marketing, as well as in the management of a large workforce serving
customers globally through a variety of channels. These new perspectives
will make an important contribution to the Board’s oversight of Wells
Fargo and help ensure that we continue to move in the right direction to
restore the trust of our customers and create value for our
shareholders.”
Ms. Peetz will serve on the Board’s Finance Committee and Mr. Sargent
will serve on the Board’s Governance and Nominating Committee. Both new
directors will also serve on the Board’s Human Resources Committee.
Karen Peetz
Karen Peetz has 35 years of large-bank experience. She served as
President of Bank of New York Mellon from January 2013 until her
retirement in December 2016. In this position, she oversaw the bank’s
global client management and regional management, its treasury services
business, and its regulatory oversight functions. After joining the
Company in 1998, Ms. Peetz served in leadership roles including Vice
Chairman, Senior Executive Vice President, and Chief Executive Officer
of the Financial Markets and Treasury Services Group. Before joining BNY
Mellon, Ms. Peetz spent 16 years with JPMorgan Chase in various
management, sales and corporate lending positions. She serves on the
Boards of Johns Hopkins University and the Global Lyme Alliance. She
holds a Bachelor’s degree from Pennsylvania State University and a
Master’s degree from Johns Hopkins University.
Ronald Sargent
Ron Sargent spent over 27 years at Staples, Inc. in various senior
leadership positions, including as Chairman, President, and Chief
Executive Officer. He served as Chairman from March 2005 until January
2017 and as Chief Executive Officer from February 2002 to June 2016, and
as Chief Executive Officer led overall operations and strategy. Mr.
Sargent joined Staples from The Kroger Co. in 1989, where he spent 10
years in executive positions of increasing responsibility. Mr. Sargent
serves on the Boards of Five Below, Inc. and The Kroger Co. He received
both a Bachelor’s degree and an MBA degree from Harvard University.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based
financial services company with $1.9 trillion in assets. Founded in 1852
and headquartered in San Francisco, Wells Fargo provides banking,
insurance, investments, mortgage, and consumer and commercial finance
through more than 8,600 locations, 13,000 ATMs, the internet
(wellsfargo.com) and mobile banking, and has offices in 42 countries and
territories to support customers who conduct business in the global
economy. With approximately 269,000 team members, Wells Fargo serves one
in three households in the United States. Wells Fargo & Company was
ranked No. 27 on Fortune’s 2016 rankings of America’s largest
corporations. Wells Fargo’s vision is to satisfy our customers’
financial needs and help them succeed financially.
Cautionary Statement About Forward-Looking Statements
This news release contains forward-looking statements about our future
financial performance and business. Because forward-looking statements
are based on our current expectations and assumptions regarding the
future, they are subject to inherent risks and uncertainties. Do not
unduly rely on forward-looking statements as actual results could differ
materially from expectations. Forward-looking statements speak only as
of the date made, and we do not undertake to update them to reflect
changes or events that occur after that date. For information about
factors that could cause actual results to differ materially from our
expectations, refer to our reports filed with the Securities and
Exchange Commission, including the discussion under “Risk Factors” in
our Annual Report on Form 10-K for the year ended December 31, 2015, as
filed with the Securities and Exchange Commission and available on its
website at www.sec.gov.