SAN FRANCISCO (AP) – Elizabeth Duke is becoming the first woman to hold the position of chairwoman at a major Wall Street bank.
That’s the upshot of a move by Wells Fargo & Co. Tuesday.
The bank said that Duke, a former member of the Federal Reserve’s governing board, will replace Stephen Sanger on Jan. 1. Sanger took over as independent chairman late last year after John Stumpf, Wells Fargo’s then CEO and chairman, abruptly resigned in the aftermath of the bank’s sales practices scandal.
While Sanger was applauded for the sales-scandal investigation, investors said he and the board shared some responsibility for how Wells Fargo operated in the years before the scandal broke. Sanger barely survived a vote to remove him from the board.