Wells Fargo names three new independent directors
The Board of Directors of Wells Fargo announced it has elected three new independent directors as part of its succession planning and refreshment process. The three new directors, each of whom will join the board on Jan. 1, 2018, are: Celeste A. Clark, former chief sustainability officer and global public policy and external relations officer of Kellogg Company, where she led Kellogg's global Corporate Communications, Public Affairs, Sustainability and Philanthropy functions. Theodore F. Craver, Jr., former chairman, president, and CEO of Edison International, one of the nation's largest electric utilities. Prior to joining Edison, Craver spent 23 years in banking and was corporate treasurer of First Interstate Bancorp, a Wells Fargo predecessor company. Maria R. Morris, who most recently was interim head of the U.S. Business and head of the Global Employee Benefits business of MetLife, Inc., where she previously was head of Technology and Operations. With today's announcement, the board has named six new directors in 2017 and a total of eight new independent directors since 2015. On Jan. 1, 2018, the average tenure of the board's directors will fall to slightly less than five years from 8.4 years at the company's 2017 annual meeting of shareholders. "The board's composition has changed significantly as it remains focused on being responsive to shareholders, enhancing oversight and creating value for shareholders," said Elizabeth A. "Betsy" Duke, vice chair, who becomes chair on Jan. 1, 2018. The election of Clark, Craver, and Morris as directors, which follows the board's election in 2017 of Karen B. Peetz, Juan A. Pujadas, and Ronald L. Sargent, will fill the vacancies created by the previously announced retirements of Cynthia H. Milligan, Stephen W. Sanger, and Susan G. Swenson at year-end 2017. As a result of those retirements and today's announcement, the board will have 16 members on Jan. 1, 2018.