Wells Fargo board intends to name Charlie Scharf chairman of the board

Wells Fargo (WFC) announced that the Board of Directors of Wells Fargo intends to appoint Charlie Scharf, Chief Executive Officer, Wells Fargo, as Chairman of the Board. When Mr. Scharf becomes Chairman, the Board intends to appoint a Lead Independent Director to support the Board’s continued independent oversight. In addition, the Board awarded Mr. Scharf a one-time special equity grant consisting of $30 million in Restricted Share Rights and 1,046,000 Stock Options. These actions reflect the Board’s desire to retain Mr. Scharf as the CEO of the Company and to recognize his leadership in transforming Wells Fargo, including creating significant shareholder value and positioning the company for future success. Steven Black, current Chairman of the Board, Wells Fargo, said: “We are thrilled to recognize Charlie’s significant contributions to Wells Fargo and are planning to appoint him as Chairman of the Board. We also plan to appoint a Lead Independent Director to maintain independent Board leadership. The special equity award is designed to acknowledge Charlie’s role in leading Wells Fargo through an unprecedented transformation, creating shareholder value and positioning the Company for the future. We look forward to Charlie’s continued guidance and strategic direction as we navigate the future.”