Why is Charles H. Noski retiring as Chairman?

Charles H. Noski informed the Company of his decision to retire as Chairman of the Board and as a director, with his director retirement effective September 30, 2021. The specific reasons for his retirement are not detailed in this filing beyond his stated decision to retire.

Who will replace Charles H. Noski as Chairman?

Steven D. Black, an existing independent director on the Board, has been elected to succeed Mr. Noski as Chairman, effective immediately.

What are the implications of Steven D. Black becoming Chairman?

The appointment of Steven D. Black, an independent director, to the Chairman role suggests a focus on continued independent oversight and governance for Wells Fargo & Company. His immediate assumption of the role indicates a planned and orderly transition.

What other leadership changes occurred?

Wayne M. Hewett has been appointed as a member of the Board's Governance and Nominating Committee (GNC) and designated as the Chair of the GNC, replacing Mr. Noski in this capacity. This change is also effective immediately.

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

Summary

Wells Fargo & Company (WFC) announced a significant leadership transition via an 8-K filing on August 10, 2021. Charles H. Noski, the current Chairman of the Board, has decided to retire from his role as Chairman and will step down as a director on September 30, 2021. This marks the end of Mr. Noski's tenure leading the board, although he will remain as a director for a transition period. In response to Mr. Noski's planned retirement, the Board of Directors has elected Steven D. Black as the new Chairman of the Board, effective immediately. Mr. Black is an independent director and his appointment signals a continuation of independent leadership. Additionally, Wayne M. Hewett has been appointed to the Governance and Nominating Committee (GNC) and will serve as its Chair, also effective immediately. These changes are intended to ensure a smooth handover of leadership responsibilities and maintain strong governance oversight.

Key Highlights

1Charles H. Noski is retiring as Chairman of the Board and will retire as a director on September 30, 2021.
2Steven D. Black has been elected as the new Chairman of the Board, effective immediately.
3Mr. Black is an independent director, adhering to NYSE and company governance standards.
4Wayne M. Hewett has been appointed to the Governance and Nominating Committee (GNC) and designated as its Chair.
5Mr. Hewett's appointment to the GNC and its chairmanship are effective immediately.
6The company has attached a news release dated August 10, 2021, as an exhibit to this filing.

WELLS FARGO & COMPANY/MN 8-K Report, Executive Changes (Aug 10, 2021)

Summary

Key Highlights

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