The FINANCIAL -- In continuation of the board refreshment process begun in 2017, Wells Fargo & Company announced on March 1 that John S. Chen, Lloyd H. Dean, and Enrique Hernandez, Jr., currently the board’s longest serving directors, and Federico F. Peña, who was scheduled to retire from the board in 2019, have decided to retire at the company’s 2018 Annual Meeting of Shareholders.
As a result of these retirements, which are part of the board’s regular succession planning practices, the board will nominate 12 of its current directors for election at the company’s Annual Meeting of Shareholders, scheduled to be held on April 24, 2018, according to Wells Fargo.
“On behalf of the entire board, I want to thank John, Lloyd, Rick, and Federico for their many contributions and service to our board and company,” said Board Chair Betsy Duke. “We respect their decisions to retire and know our board benefited greatly from their expertise and perspectives during their many years of service. We wish them well in the future. The leadership and insight that these directors brought to the board and its committees, including the board’s Human Resources, Finance, Risk, and Corporate Responsibility committees are just some of the many ways they served our board with distinction over the years.”