Stephen Sanger, the chairman of Wells Fargo & Co., will step down from the board of the embattled bank effective Jan. 1 and will be replaced by former Federal Reserve official Elizabeth A. “Betsy” Duke, the bank announced Tuesday.
Two other long-serving directors, Cynthia H. Milligan and Susan G. Swenson, also will retire at the end of this year. They’re the latest casualties in the bank’s long-running scandal over sham accounts, which has spurred a wide-ranging shake-up at the San Francisco financial giant.
All three are among the company’s longest-tenured board members, with Milligan having served for a quarter of a century. The trio received only tepid support from shareholders at the company’s annual meeting in April, a sign of investors’ dissatisfaction with the board’s oversight of the bank amid an ever-growing list of misdeeds.
continue reading LA TIMES