Wells Fargo Shareholders Tepidly Re-elect Bank’s Directors -

Wells Fargo Shareholders Tepidly Re-elect Bank’s Directors -
By STACY COWLEYAPRIL 25, 2017
Wells Fargo will “make sure that we fix everything
that was broken,” said Tim Sloan, right, chief executive of the bank, with Stephen Sanger, the chairman.
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
and chief executive, who abruptly retired in October.
Timothy J. Sloan, who replaced Mr. Stumpf as the bank’s chief executive
and joined the company’s board in October, won support from 99 percent of the shareholders who cast votes.
Wells Fargo has made extensive changes since then, including the replacement of its chief executive
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.
Activist shareholders had hoped to remove some or all of the board’s incumbents in the aftermath of the bank’s sales scandal,
but every board member won support from at least 53 percent of the shareholders casting votes.