The U.S. bank's board overhaul has put five women on the bank's slate of 12 nominees for election to the board at an annual shareholder meeting Tuesday, including female Chair Betsy Duke. Women will account for 42% of the directors, a much-higher level than at rivals Bank of America Corp., Citigroup Inc. and JPMorgan Chase.
Men led Wells Fargo & Co. (WFC - Get Report) into the biggest corporate debacle of the U.S. bank's 166-year history. Now, women are taking over.
Over the past two years, the San Francisco-based bank has been pressured by regulators and shareholders to overhaul its board of directors following a series of scandals that have collectively cost the bank at least $1.6 billion, sending its stock price plunging.
And that shakeup has now put five women on Wells Fargo's board of 12 directors, following an election at the bank's annual shareholder meeting on Tuesday. They include Chair Betsy Duke, who took over last year when former Chairman Stephen Sanger stepped down. She's the first woman to head a large U.S. financial company, according to the company.
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