Wells Fargo & Company (NYSE: WFC) has announced CEO Charlie Scharf will become the chairman of the board.
When Scharf becomes chairman, the Wells Fargo board intends to appoint a lead independent director. Scharf will receive a one-time special equity grant consisting of $30 million in restricted share rights and 1.04 million stock options.
Steven Black, who has been the San Francisco-based bank’s independent chairman since 2021, said, “We are thrilled to recognize Charlie’s significant contributions to Wells Fargo and are planning to appoint him as Chairman of the Board. We also plan to appoint a lead independent director to maintain independent board leadership. The special equity award is designed to acknowledge Charlie’s role in leading Wells Fargo through an unprecedented transformation, creating shareholder value and positioning the Company for the future. We look forward to Charlie’s continued guidance and strategic direction as we navigate the future.”
Scharf has been CEO since 2019, and was previously CEO and chairman at Bank of New York Mellon Corporation and CEO of Visa Inc.
“Over the last several years, our operating committee and our 213,000 employees have executed a multi-faceted transformation under extremely difficult circumstances,” said Scharf. “It is a privilege to lead Wells Fargo and our talented and dedicated team, and I look forward to building on our significant momentum to continue improving our performance and market position in everything we do.”
