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Wells Fargo Picks 4 Directors for Sales Scandal Probe
Wells Fargo Chairman Stephen Sanger and Vice Chair Elizabeth Duke were named to a 4-member committee that will lead an internal investigation into the bank's recent sales scandal. Enrique Hernandez, chair of the board of directors' risk committee, and Donald James, a director who sits on the board's finance and risk committees, will also serve on the speciaSl committee. All are independent in that they do not work for the company in an operational sense.
Also working on the investigation will be law firm Shearman & Sterling and the board's HR committee. The HR committee has 5 directors, including Sanger and James.
Sanger, a former CEO of General Mills, has served on Wells Fargo's board since 2003; Duke, a former member of the Federal Reserve Board of Governors, has been a director since 2015. Both the chair and vice chair positions recently received pay increases. The chairman now receives $250,000 annually and the vice chair receives $100,000.
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