Wells Fargo Shareholders Tepidly Re-elect Bank’s Directors -<br />By STACY COWLEYAPRIL 25, 2017<br />Wells Fargo will “make sure that we fix everything<br />that was broken,” said Tim Sloan, right, chief executive of the bank, with Stephen Sanger, the chairman.<br />Last year, every member of Wells Fargo’s board had at least 95 percent of votes cast in favor of election — including John G. Stumpf, the bank’s former chairman<br />and chief executive, who abruptly retired in October.<br />Timothy J. Sloan, who replaced Mr. Stumpf as the bank’s chief executive<br />and joined the company’s board in October, won support from 99 percent of the shareholders who cast votes.<br />Wells Fargo has made extensive changes since then, including the replacement of its chief executive<br />and the leader of its retail bank, alterations to governance and risk-management structure, and the elimination of sales goals for its retail bank employees.<br />Activist shareholders had hoped to remove some or all of the board’s incumbents in the aftermath of the bank’s sales scandal,<br />but every board member won support from at least 53 percent of the shareholders casting votes.
