Celeste Clark, Ted Craver, and Maria Morris to
join the board of directors
Total of six new directors added in 2017
The Board of Directors of Wells Fargo & Company (NYSE: WFC)
today announced it has elected three new independent directors as
part of its succession planning and refreshment process. The three
new directors, each of whom will join the board on Jan. 1, 2018,
are:
- Celeste A. Clark, former chief
sustainability officer and global public policy and external
relations officer of Kellogg Company, where she led Kellogg’s
global Corporate Communications, Public Affairs, Sustainability and
Philanthropy functions.
- Theodore F. Craver, Jr., former
chairman, president, and chief executive officer of Edison
International, one of the nation’s largest electric utilities.
Prior to joining Edison, Craver spent 23 years in banking and was
corporate treasurer of First Interstate Bancorp, a Wells Fargo
predecessor company.
- Maria R. Morris, who most recently was
interim head of the U.S. Business and head of the Global Employee
Benefits business of MetLife, Inc., where she previously was head
of Technology and Operations.
With today’s announcement, the board has named six new directors
in 2017 and a total of eight new independent directors since 2015.
On Jan. 1, 2018, the average tenure of the board’s directors will
fall to slightly less than five years from 8.4 years at the
company’s 2017 annual meeting of shareholders.
“The board’s composition has changed significantly as it remains
focused on being responsive to shareholders, enhancing oversight
and creating value for shareholders,” said Elizabeth A. “Betsy”
Duke, vice chair, who becomes chair on Jan. 1, 2018.
“Through a thoughtful and deliberate process that was informed
by the board’s annual self-evaluation conducted earlier this year
and feedback from shareholders and other stakeholders, Wells
Fargo’s board has enhanced its overall capabilities and expertise
and at the same time maintained an appropriate mix of tenure,
experience and diversity,” Duke said.
The board’s new directors include distinguished leaders with
relevant experience in financial services, risk management,
technology, consumer, retail, finance, accounting, human capital
management, public policy and marketing as well as environmental,
social and governance matters. Among the six new directors named in
2017, three are women and two are ethnically diverse.
“Celeste’s deep public policy, sustainability and regulatory
affairs experience for a large consumer company will bring
expertise and perspective to the board at a time when
environmental, social and governance matters have become
increasingly important for the company’s operations and key areas
of interest for our many stakeholders,” said Donald M. James, chair
of the board’s Governance and Nominating Committee. “Ted’s and
Maria’s executive leadership experience with large dynamic
organizations, including financial services companies, will bring
additional industry, consumer, risk management, technology and
regulatory experience to the board.”
Clark will serve as a member of the Corporate Responsibility
Committee. Craver will join the Audit and Examination Committee.
Morris will serve as a member of the Risk Committee.
“Celeste, Ted and Maria will be invaluable to management’s
efforts to achieve industry leadership in customer service and
advice, risk management, innovation, corporate citizenship and
shareholder value,” said Tim Sloan, president and CEO. “I look
forward to working with them and the other directors as we continue
to make Wells Fargo a better and stronger company for all of our
stakeholders.”
The election of Clark, Craver, and Morris as directors, which
follows the board’s election in 2017 of Karen B. Peetz, Juan A.
Pujadas, and Ronald L. Sargent, will fill the vacancies created by
the previously announced retirements of Cynthia H. Milligan,
Stephen W. Sanger, and Susan G. Swenson at year-end 2017. As a
result of those retirements and today’s announcement, the board
will have 16 members on Jan. 1, 2018.
Biographies
Celeste Clark
Clark is a principal of Abraham Clark Consulting, LLC, a health
and regulatory policy consulting firm. She is the retired senior
vice president of Global Public Policy and External Relations and
chief sustainability officer of Kellogg Company, a food
manufacturing company. She served as senior vice president of
Global Public Policy and External Relations from 2010 and chief
sustainability officer from 2008 until 2011. Clark joined Kellogg
in 1977 and held other senior management positions, including vice
president of Corporate and Scientific Affairs and senior vice
president of Global Nutrition and Corporate Affairs. She is an
adjunct professor at Michigan State University in the Department of
Food Science and Human Nutrition. Clark is a member of the board of
directors of The Hain Celestial Group, Inc. and Omega Protein
Corporation. She has previously served as a director of several
other public and private companies, and currently is member of the
board of trustees of W.K. Kellogg Foundation.
Ted Craver
Craver is the retired chairman, president, and CEO of Edison
International, an electric utility holding company located in
Rosemead, Calif. He served as chairman, president and CEO of Edison
from 2008 to 2016 and as chairman, president and CEO of Edison
Mission Energy, a subsidiary of Edison, from 2005 to 2008. He
joined Edison in 1996 and held other senior management positions,
including executive vice president, chief financial officer, and
treasurer. Before joining Edison, Craver served as executive vice
president and corporate treasurer of First Interstate Bancorp, a
Wells Fargo predecessor company, and executive vice president and
chief financial officer of First Interstate’s wholesale banking
subsidiary. Craver is a member of the board of directors of Duke
Energy Corporation, where he chairs the audit committee. He also
serves on the Federal Reserve Bank of San Francisco’s Economic
Advisory Council.
Maria Morris
Morris is the retired executive vice president and head of the
Global Employee Benefits business of MetLife, Inc., a global
provider of life insurance, annuities, employee benefits and asset
management services. She served as executive vice president and
head of the Global Employee Benefits business from 2011 and former
interim head of the U.S. Business from 2016 until July 2017, with
responsibility for MetLife’s employee benefits business in more
than 40 countries, including its relationships with multinational
companies and distribution relationships with financial
institutions. Morris served in multiple other leadership roles
after joining MetLife in 1984, including as interim chief marketing
officer from April 2014 to January 2015 and as head of Global
Technology and Operations from 2008 until 2011 where she oversaw
the successful integration of MetLife’s $16.4 billion acquisition
of American Life Insurance Company. She is a member of the board of
directors of S&P Global Inc.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified,
community-based financial services company with $1.9 trillion in
assets. Wells Fargo’s vision is to satisfy our customers’ financial
needs and help them succeed financially. Founded in 1852 and
headquartered in San Francisco, Wells Fargo provides banking,
insurance, investments, mortgage, and consumer and commercial
finance through more than 8,400 locations, 13,000 ATMs, the
internet (wellsfargo.com) and mobile banking, and has offices in 42
countries and territories to support customers who conduct business
in the global economy. With approximately 268,000 team members,
Wells Fargo serves one in three households in the United States.
Wells Fargo & Company was ranked No. 25 on Fortune’s 2017
rankings of America’s largest corporations. News, insights and
perspectives from Wells Fargo are also available at Wells Fargo
Stories.
Cautionary Statement About Forward-Looking Statements
This news release contains forward-looking statements about our
future financial performance and business. Because forward-looking
statements are based on our current expectations and assumptions
regarding the future, they are subject to inherent risks and
uncertainties. Do not unduly rely on forward-looking statements as
actual results could differ materially from expectations.
Forward-looking statements speak only as of the date made, and we
do not undertake to update them to reflect changes or events that
occur after that date. For information about factors that could
cause actual results to differ materially from our expectations,
refer to our reports filed with the Securities and Exchange
Commission, including the “Forward-Looking Statements” discussion
in Wells Fargo’s most recent Quarterly Report on Form 10-Q as well
as to Wells Fargo’s other reports filed with the Securities and
Exchange Commission, including the discussion under “Risk Factors”
in our Annual Report on Form 10-K for the year ended December 31,
2016, available on its website at www.sec.gov.
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version on businesswire.com: http://www.businesswire.com/news/home/20171129005637/en/
MediaArati Randolph,
704-383-6996Arati.Randolph1@wellsfargo.comorPeter Gilchrist,
704-715-3213Peter.Gilchrist@wellsfargo.comorInvestorsJohn
Campbell, 415-396-0523John.M.Campbell@wellsfargo.com
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