Elizabeth Duke to become next chairwoman of Wells Fargo

Wells Fargo & Co. said Tuesday that Elizabeth Duke will become its chairwoman next year, making her the first woman to hold the position at a major Wall Street bank.

Duke, a former member of the Federal Reserve's governing board, will replace Stephen Sanger on Jan. 1., the bank said in a statement. Sanger took over as independent chairman late last year after John Stumpf, Wells Fargo's then CEO and chairman, abruptly resigned in the aftermath of the bank's sales practices scandal.

While Sanger was applauded for the sales-scandal investigation, investors said he and the board shared some responsibility for how Wells Fargo operated in the years before the scandal broke. Sanger barely survived a vote to remove him from the board.

Duke was a member of the Federal Reserve's board of governors from 2008 to 2013.

The San Francisco-based bank also announced retired PricewaterhouseCooper executive Juan Pujadas will also join the board.