Summary
Wells Fargo & Company (WFC) announced a change in its Board of Directors composition effective January 7, 2019. The company elected Wayne M. Hewett as a new independent director, increasing the board size to 13 members. Mr. Hewett has been appointed to the Human Resources Committee and the Risk Committee, both crucial areas for the company's governance. His prior banking and financial services transactions with Wells Fargo subsidiaries were conducted on standard terms, indicating no unusual conflicts of interest. In addition, long-time director Karen B. Peetz informed the board of her decision not to stand for re-election at the upcoming 2019 annual shareholder meeting. Ms. Peetz's retirement is driven by her desire to pursue other commitments and is not a result of any disagreements with the company's operations or policies. These board changes reflect Wells Fargo's ongoing efforts to manage its governance structure.
Key Highlights
- 1Wayne M. Hewett appointed as a new independent director to the Board of Directors, effective January 7, 2019.
- 2The election of Mr. Hewett increases the total number of directors on the Board to 13.
- 3Mr. Hewett has been appointed to serve on the Human Resources Committee and the Risk Committee.
- 4Mr. Hewett's prior financial dealings with Wells Fargo subsidiaries were on standard terms, consistent with arm's-length transactions.
- 5Director Karen B. Peetz will retire from the Board at the 2019 annual shareholder meeting.
- 6Ms. Peetz's retirement is voluntary and not due to any disagreements with the company.
- 7New director Wayne M. Hewett will receive customary fees and equity awards, including a stock award valued at approximately $60,000, which vests immediately.