Wells Fargo, mired in several scams, has decided to allow its chairman Stephen W. Sanger to retire at the end of 2017. It has appointed Elizabeth A. Duke, a former Federal Reserve governor to take over from him. This will be the first time that the US bank will have a woman as chairperson. Duke, 65, had joined the bank’s board in 2015 and became its vice chairwoman in 2016. She was the board’s unanimous choice to take over. Sanger, 71, will leave the board in December, with two other directors, Cynthia H. Milligan and Susan G. Swenson, who both joined the board in the 1990s. Juan A. Pujadas, a retired PricewaterhouseCoopers executive, will join the board in September. Wells Fargo has been involved in a scandal when its employees trying to meet aggressive sales quotas opened as many as several million fraudulent bank accounts. The bank had to force its CEO John G. Stumpf to resign. The bank has been trying to put the fraudulent accounts scandal behind it, but there were other scandals that followed.
