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Wells Fargo Names Black as Chairman as Noski Retires

08/10/2021 | 08:43am EDT

By Colin Kellaher

Wells Fargo & Co. on Tuesday said Charles Noski has stepped down as chairman ahead of his planned retirement from the board at the end of September.

The San Francisco bank said Steven Black, a former JPMorgan Chase & Co. executive who joined the board last year, would now serve as chairman.

Wells Fargo said Mr. Noski, a retired vice chairman and former chief financial officer of Bank of America Corp. who joined the board in 2019, would remain a director until he retires on Sept. 30.

Mr. Noski played a key role in Wells Fargo's 2019 hiring of former Bank of New York Mellon Corp. chief Charles Scharf as its new CEO, and he stepped in as chairman in March 2020 after Elizabeth Duke resigned ahead of a congressional hearing during which she was expected to face calls to step down amid criticism of the bank's efforts to clean up after a sales scandal.

Mr. Black has been co-chief executive of private-equity firm Bregal Investments Inc. and previously held several leadership posts at JPMorgan Chase, including a stint as vice chairman.

Wells Fargo said Wayne Hewett, a director since 2019, succeeds Mr. Noski as chairman of the board's governance and nominating committee.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

08-10-21 0842ET

Stocks mentioned in the article
ChangeLast1st jan.
BANK OF AMERICA CORPORATION -0.55% 46.83 Delayed Quote.54.50%
BANK OF NEW YORK MELLON CORPORATION (THE) 0.73% 59.74 Delayed Quote.39.75%
DJ INDUSTRIAL -0.02% 35603.08 Delayed Quote.15.85%
JPMORGAN CHASE & CO. -0.78% 169.5 Delayed Quote.34.45%
WELLS FARGO & COMPANY 0.34% 50.33 Delayed Quote.66.77%
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