Wells Fargo & Company (NYSE: WFC) today announced that its Board of
Directors has amended the Company’s By-Laws to require the separation of
the Chairman and CEO roles and for the Chairman and Vice Chairman of the
Board to be independent directors. The Board approved the By-Law
amendments, which are effective immediately, on November 29, 2016.
“The Board previously acted to elect an independent Chairman to lead the
Board and we believe formalizing this structure is the right decision at
this time for the Company and its investors, customers, and team
members,” said Stephen Sanger, Chairman of the Board. “Efforts to
restore the trust of our customers and team members are well underway
and will continue until we have fully addressed the issues surrounding
retail banking sales practices. While the investigation of these
practices and related matters by the independent directors continues in
earnest, we believe this action will enhance the Board’s independence
and its oversight of the Company’s management, and we appreciate the
feedback that we received from our investors on this matter.”
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.
