[The] move is significant in an industry that has long fought off pressure from corporate governance activists and shareholders including pension managers, but it won't change Wells Fargo's current leadership. John Stumpf had held both roles at Wells Fargo until he stepped down in October under pressure from lawmakers. Tim Sloan was promoted that month to CEO, while Stephen Sanger became non-executive chairman.


The approach differs from almost all of Wells Fargo's biggest competitors, including Bank of America Corp. and JPMorgan Chase & Co., which have persuaded shareholders not to divide the jobs in recent years. Citigroup Inc. is the only other bank among the nation's top six that hasn't granted both titles to its current leader.


Wells Fargo should also consider further steps to improve its board, he said. CtW urged the San Francisco-based company in September to add directors with experience linking employees' pay to corporate objectives.

Comments: Be the first to add a comment

add a comment | go to forum thread