Wells Fargo Chairman Should Listen to Investors and Step Down
ByIt’s time to add Wells Fargo’s chairman, Stephen W. Sanger, to the list of firings over the creation of millions of fake accounts.
Just 56 percent of shareholders backed Mr. Sanger at the bank’s annual meeting on Tuesday. That’s a stinging rebuke for his failure as lead director. After 5,300 employees and the chief executive, John G. Stumpf, paid with their jobs, Mr. Sanger and other board members with lackluster support should go, too, to help the bank rehabilitate.
Much of the nearly three-hour gathering in Ponte Vedra Beach, Fla. — clear across the country from Wells Fargo’s San Francisco headquarters — felt like a full-blown airing of grievances. Investors, customers and employees past and present took turns denouncing executives and directors…
Wells Fargo Chairman Should Listen to Investors and Step Down
