Wells Fargo has restructured its board and appointed Elizabeth Duke as the new chair of the board following a sales scandal.
Duke, currently the board’s vice chairperson, will succeed Stephen Sanger who will retire at the end of 2017. Duke will assume the new responsibility on 1 January 2018.
Wells Fargo CEO and president Timothy Sloan said: “Betsy’s regulatory expertise has been invaluable to Wells Fargo, and I know that the combination of her banking and risk management experience will continue to serve the Board and the company well in her new role as Chair.
“I also want to thank Steve for his leadership and service over the past 14 years, including as Chairman and Lead Director.”
In addition, the board elected Juan Pujadas as its new independent director. Pujadas, who previously held various senior roles at PricewaterhouseCoopers (PwC), will take up the new role on 1 September 2017.
The board further said that it expects to appoint up to three more independent directors before the 2018 annual meeting.
Meanwhile, two other board members- Cynthia Milligan and Susan Swenson- will also retire at the end of 2017.
Wells Fargo has been embroiled by a series of scandals in the recent past. In September 2016, Wells Fargo was fined $185m by regulators for illegal sales practice of secretly opening unauthorised deposit and credit card accounts, with its CEO John Stumpf resigning the following month.
In July 2017, the bank again faced scrutiny by regulators after accidentally leaking the account details of wealthy clients. Earlier this month, it agreed to pay $108m as settlement amount to the US government to settle allegations of overcharging military veterans on home refinancing loans.