Summary
Wells Fargo & Company (WFC) filed an 8-K on March 1, 2017, reporting two key events. Firstly, Director Susan E. Engel has announced her intention not to stand for re-election and will retire from the Board of Directors at the upcoming Annual Meeting on April 25, 2017. This departure marks a change in the board composition for the company. Secondly, on March 1, 2017, the company announced compensation adjustments made by the Board of Directors concerning members of its Operating Committee. While the specific details of these compensation actions are not elaborated upon in the 8-K itself, they are referenced via an attached news release (Exhibit 99.1) for further information.
Key Highlights
- 1Director Susan E. Engel will retire from the Board of Directors at the April 25, 2017 Annual Meeting.
- 2Ms. Engel will not seek re-election to the Board.
- 3The Board of Directors has implemented compensation actions affecting members of the Operating Committee.
- 4A news release dated March 1, 2017, details these compensation actions and is filed as an exhibit.
- 5The 8-K was filed on March 1, 2017, with the event date of February 27, 2017.
Frequently Asked Questions
Susan E. Engel has informed the company that she will not stand for re-election and will retire as a member of the Board of Directors at the upcoming Annual Meeting of Stockholders on April 25, 2017.
The 8-K filing states that the Board of Directors announced certain compensation actions affecting members of the Operating Committee. The specific details of these actions are provided in the company's news release dated March 1, 2017, which is attached as Exhibit 99.1 to this filing.
The change in Board composition due to Susan E. Engel's retirement will officially take effect at the Company's Annual Meeting of Stockholders scheduled for April 25, 2017.