Who is Elaine L. Chao and what is her background relevant to Wells Fargo?

While the 8-K filing does not detail Ms. Chao's full background, her election suggests she brings valuable experience to the board. Notably, at the time of this filing, Ms. Chao had previously served as the U.S. Secretary of Labor and U.S. Secretary of Transportation, roles that would likely provide her with significant insight into economic and regulatory matters relevant to a large financial institution like Wells Fargo.

How will Elaine L. Chao be compensated for her role on the board?

Ms. Chao will be compensated according to Wells Fargo's standard non-employee director compensation program. This includes customary fees and equity awards. Specifically, she will receive a stock award on July 1, 2011, with an approximate fair market value of $116,667, which vests immediately.

What committees will Elaine L. Chao be a part of?

Ms. Chao has been appointed to serve on the Board's Corporate Responsibility Committee and the Finance Committee.

When does this board change become effective?

The election of Elaine L. Chao to the Board of Directors is effective July 1, 2011.

WELLS FARGO & COMPANY/MN 8-K: Leadership Changes

Summary

Wells Fargo & Company (WFC) announced a change to its Board of Directors through an 8-K filing on June 28, 2011. The key event reported is the election of Elaine L. Chao as a new director, effective July 1, 2011. Ms. Chao's appointment brings new expertise to the board, and she has been assigned to serve on the Corporate Responsibility Committee and the Finance Committee. Investors should note that Ms. Chao will be compensated through customary fees and equity awards, including a stock award valued at approximately $116,667 granted on July 1, 2011, under the company's Long-Term Incentive Compensation Plan. This award vests immediately. The filing also incorporates by reference a news release providing further details on Ms. Chao's appointment.

Key Highlights

1Elaine L. Chao elected to the Board of Directors, effective July 1, 2011.
2Ms. Chao appointed to the Corporate Responsibility Committee.
3Ms. Chao appointed to the Finance Committee.
4Ms. Chao will receive customary director fees and equity awards.
5Ms. Chao to receive a stock award valued at approximately $116,667 on July 1, 2011.
6The stock award vests immediately upon grant.
7Filing incorporates by reference a news release announcing the appointment.

WELLS FARGO & COMPANY/MN 8-K Report, Executive Changes (Jun 28, 2011)

Summary

Key Highlights

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