Wells Fargo Nonexecutive Chairman Sanger Likely to Step Down

By Emily Glazer Features Dow Jones Newswires

The board of Wells Fargo & Co., grappling with fresh problems even as it tries to move past the bank's sales-practices scandal, is planning a shake-up that is likely to include Stephen Sanger stepping down as nonexecutive chairman, according to people familiar with the matter.

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Directors are aiming to make final decisions on any changes by Labor Day, some of the people said. Mr. Sanger is expected to step down before the bank's shareholder meeting next spring, one of these people said. Vice Chair Elizabeth Duke, a former Federal Reserve governor, is then likely to take the top spot, some of these people said.

Discussions about board changes have been under way for a few months, spurred by dismal results at the bank's shareholder meeting. They also come against the backdrop of calls in Washington for even more dramatic action at the bank.

Neither Mr. Sanger or Ms. Duke was immediately available for comment.

More to come

Write to Emily Glazer at emily.glazer@wsj.com

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(END) Dow Jones Newswires

August 10, 2017 11:46 ET (15:46 GMT)