Four members of the board of Wells Fargo will depart at the company’s annual meeting in April, the bank announced Thursday. John S. Chen, Lloyd H. Dean, and Enrique Hernandez, Jr., the board’s longest serving directors, and Federico F. Peña, will all retire at that point. What Wells calls a board “refreshment” comes in response to mounting political and regulatory pressure over ongoing misdeeds by the bank. In February, the Federal Reserve said the bank would not be allowed to grow its assets, and required that it replace three board members by April and a fourth by the end of the year. California State Treasurer John Chiang, who serves several public pensions in the state, also demanded board changes at the bank. Over the past 12 months, a period in which most big bank stocks have gained double digits, Wells shares are down about 3%.
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From:: Stock Market News