Four Wells Fargo Directors to retire as Leadership overhaul continues

By Pouyan Broukhim

Leading San Francisco-based financial services company Wells Fargo has announced that a further four Directors will be retiring from the company as part of the firm's ongoing leadership refreshment strategy.

The company has been reconstructing its Board since the emergence of of sales scandal that came to light in 2016 and continues to be ongoing 18 months later.

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John Chen, Lloyd Dean and Enrique Hernandez Jr, three of the longest serving Directors on Wells Fargo's Board, alongside Federico Peña, announced that they would be stepping down from their roles at the company's latest annual shareholder meeting.

“On behalf of the entire board, I want to thank John, Lloyd, Rick, and Federico for their many contributions and service to our board and company,” said Board Chair Betsy Duke. “We respect their decisions to retire and know our board benefited greatly from their expertise and perspectives during their many years of service. We wish them well in the future.”

As a result, the company has revealed that it will nominate 12 of its current Directors for election to the board at the next meeting, scheduled for 24 April 2018.

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