Ex-Denver Mayor Peña to exit Wells Fargo board earl – Denver Business Journal

Former Denver Mayor Federico Peña and three directors at embattled Wells Fargo & Co. will retire from the bank’s board April 24 at this year’s annual meeting.

Peña — who also was a two-time cabinet secretary under former President Bill Clinton — was scheduled to retire from the board in 2019.

Wells Fargo (NYSE: WFC), Colorado’s largest bank by deposits, confirmed Thursday that Peña is among four board members who will step down at the annual meeting.

The others are Dignity Health CEO Lloyd Dean; former Sybase CEO John Chen; and Enrique Hernandez Jr., chairman and CEO of Inter-Con Security Systems.

The bank, grappling with a series of scandals, has been under pressure to overhaul its board, among other measures, to right the ship after the September 2016 disclosure that the bank opened up to 3.5 million deposit and credit accounts without customer authorization.

Last month, California State Treasurer John Chiang, who is also running for California governor, told Wells Fargo that unless the bank ousts four directors from its board, including Peña, he would “raise holy hell” at this year’s annual shareholders meeting.


California State Treasurer John Chiang.

At the time, a Wells Fargo spokesperson told the Denver Business Journal that Peña would not be available for comment.

Peña has faced criticism over his role as a member of the Wells Fargo board’s Corporate Responsibility Committee through the various account scandals that have rocked the bank.

At the bank’s annual meeting in April 2017, Peña was supported for re-election by votes representing 54 percent of outstanding shares — one of the lowest favorable votes of any Wells board member, although he was retained.

Last week, Chiang also called for Wells Fargo CEO Tim Sloan to resign. Sloan became chief executive in 2016 after bank Chairman and CEO John Stumpf was forced out amid revelations that bank employees created millions of fake customer accounts to hit sales targets.


Tim Sloan, Wells Fargo’s CEO.

The Federal Reserve, in placing growth restrictions on Wells Fargo on Feb. 2, said the bank planned to remove four directors, who weren’t named at the time.

In a statement Thursday, Wells Fargo Chair Betsy Duke said, “We respect their decisions to retire and know our board benefited greatly from their expertise and perspectives during their many years of service."

> CLICK HERE for more from the San Francisco Business Times.

2017 Largest Banks by Deposits

Ranked by Inside Deposits

Rank Business name Inside Deposits 1 Wells Fargo Bank NA $24.3 billion 2 FirstBank $12 billion 3 U.S. Bank NA $11.9 billion View This List

Source Article

Leave a Reply

Your email address will not be published. Required fields are marked *