By Micah Maidenberg
Wells Fargo & Co. has added a manufacturing executive to its board, which has faced criticism for a series of scandals that has drawn regulatory scrutiny to the bank.
The San Francisco-based bank said Monday its board elected Wayne Hewett, chairman of DiversiTech Corp. and adviser to private-equity firm Permira, as one of its members.
Mr. Hewett, 54 years old, joins the board as Karen Peetz, a retired president of the Bank of New York Mellon Corp., announced she won't stand for reelection, Wells Fargo said.
Ms. Peetz, 63 years old, was elected to the board in 2017 and is chair of the board's risk committee and a member of the human resources committee. She will retire at Wells Fargo's annual shareholder meeting on April 23.
A spokesman said Mr. Hewett's election to the board and Ms. Peetz's plans to step down were unrelated. The bank said her decision to retire reflects her desire to "devote more time to other commitments and activities."
Wells Fargo's board has been in the spotlight in recent years as the bank has struggled with a string of scandals related to employees who opened deposit and credit-card accounts without telling customers, as well as to its auto-lending unit and wealth-management business.
Last year, the Federal Reserve placed an asset cap on Wells Fargo, limiting its ability to grow, and at that time Wells Fargo said it would replace four board members.
Mr. Hewett has worked in a range of industries, leading packaging supplier Klöckner Pentaplast Group as chief executive from 2015 to 2017 and spending more than 20 years in a variety of roles for General Electric Co.
He served as CEO of Arysta LifeScience Corp. after leaving GE.
He will join the board's risk committee and its human resources committee. Mr. Hewett also is a member of the board of Home Depot Inc.
Since its 2017 annual meeting, Wells Fargo's board has elected a new independent chair, Elizabeth Duke, a former member of the Federal Reserve Board of Governors, who took over her role last January. The board also revamped its risk committee, among other changes.
The board also revamped its risk committee, among other changes. The committee, which Mr. Hewett has joined, focuses on compliance issues, a range of technology related risks as well as ethics.
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