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Mary Jo White Fixed Wells Fargo

As it happens, all it took was shuffling some boardroom chairs.
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As you know, Wells Fargo is in trouble. Lots and lots and lots of trouble. Almost certainly even more trouble than we are aware of, as each passing week seems to come with the discovery of still more trouble.

As you may also remember, former SEC Chairman Mary Jo White has hung out her shingle as the go-to person for companies like Wells Fargo in a lot of trouble, as Wells Fargo is. Through kismet, or more likely a phone call to the Debevoise & Plimpton billing office, the two met. And the results are: A new chair, a new independent director, some rearranging of board committee seats and, well, not much more, really. MJW does not work hard for the money anymore.

Wells Fargo & Co. said Elizabeth “Betsy” Duke will take over as chair of its board next year as Stephen Sanger and two other longtime directors retire following a sales scandal under their watch.

Juan Pujadas will join next month as an independent director, and the bank changed leadership of some of its board committees, the San Francisco-based company said in a statement Tuesday….

Cynthia Milligan and Susan Swenson will retire from the board at the end of this year. The bank will add three additional independent directors before next year’s annual shareholders meeting.

Wells Fargo’s Duke to Replace Sanger as Chair After Scandal [Bloomberg]


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