Summary
Wells Fargo & Company filed an 8-K on August 15, 2017, to report significant changes in its Board of Directors. Notably, Juan A. Pujadas was elected as a new independent director, effective September 1, 2017, and will serve on the Risk, Credit, and Finance Committees. His appointment increases the Board size to 16 directors. Investors should note that while Mr. Pujadas is considered independent, an affiliated entity of a family member has had ordinary course of business transactions with Wells Fargo subsidiaries, all on standard terms. This filing also announces the upcoming retirement of three current directors—Stephen W. Sanger, Cynthia H. Milligan, and Susan G. Swenson—effective December 31, 2017. These retirements are not due to any disagreements with the company. Furthermore, the Board has elected Elizabeth A. Duke as the new independent Chair, succeeding Stephen W. Sanger, effective January 1, 2018. The company also indicated that additional changes to Board committee leadership and composition were announced. These leadership transitions, particularly the appointment of a new independent Chair, signal a move towards enhanced corporate governance following a period of scrutiny for the company.
Key Highlights
- 1Juan A. Pujadas elected as a new independent director, effective September 1, 2017.
- 2Mr. Pujadas will serve on the Board's Risk, Credit, and Finance Committees.
- 3The Board size will increase to 16 directors upon Mr. Pujadas's appointment.
- 4Three current directors (Stephen W. Sanger, Cynthia H. Milligan, Susan G. Swenson) will retire on December 31, 2017.
- 5Retirements are not due to disagreements with the company.
- 6Elizabeth A. Duke elected as the independent Chair of the Board, effective January 1, 2018, succeeding Stephen W. Sanger.
- 7Changes in Board committee leadership and composition were also announced.