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Wells Fargo Announces Preliminary Voting Results of 2022 Annual Meeting of Shareholders
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Rhea-AI Summary
Wells Fargo shareholders elected 14 directors, including three new independent members: Richard K. Davis, CeCelia G. Morken, and Felicia F. Norwood. CEO Charlie Scharf expressed satisfaction with the new board members, highlighting their extensive experience. Shareholders also approved executive compensation and the 2022 long-term incentive plan while ratifying KPMG LLP as the independent public accounting firm for 2022. However, seven shareholder proposals were not approved. The final voting results will be detailed in a Form 8-K filed with the SEC.
Positive
Election of three new independent directors contributes to board diversity and governance.
Approval of executive compensation indicates shareholder support for leadership strategies.
Negative
Rejection of seven shareholder proposals could reflect dissatisfaction among some investors.
Shareholders elect 14 directors including three new independent directors
SAN FRANCISCO--(BUSINESS WIRE)--
Wells Fargo & Company (NYSE: WFC) announced today that its shareholders elected as directors the 14 nominees named in the company’s proxy statement, including three new independent directors: Richard K. Davis, CeCelia “CeCe” G. Morken, and Felicia F. Norwood.
Wells Fargo (Photo: Wells Fargo)
“We are pleased to welcome Richard, CeCe, and Felicia to the board,” said Wells Fargo CEO Charlie Scharf. “They bring a wealth of experience and capabilities to the board’s work. Each will play an important role in our continued work to transform the company.”
“Richard, CeCe, and Felicia bring an impressive combination of leadership experience, financial acumen, strategic thinking, and corporate governance knowledge to our board,” said Steven Black, Wells Fargo’s chairman of the board. “We are fortunate to be able to add their valuable insights to the board.”
In addition, shareholders approved an advisory proposal on executive compensation and the company’s 2022 long-term incentive plan. Shareholders also ratified the appointment of KPMG LLP as the company’s independent registered public accounting firm for 2022. Shareholders did not approve the seven shareholder proposals presented at the meeting.
The final voting results will be reported on a Form 8-K that will be filed with the Securities and Exchange Commission (SEC) and will be available on the SEC’s website at www.sec.gov.
Biographical information
Richard K. Davis
Davis is the President and CEO of Make-A-Wish America (a nonprofit organization), a role he has held since 2019. He is the former Executive Chairman and retired CEO of U.S. Bancorp, parent company of U.S. Bank, one of the largest commercial banks in the United States. Davis served as Executive Chairman from December 2007 to April 2018, CEO from December 2006 to April 2017, and held various other executive positions at U.S. Bancorp including President and Chief Operating Officer. Davis currently serves on the Board of Trustees of Mayo Clinic. He also serves on the Mastercard Incorporated Board of Directors (since June 2018) and as Lead Director and Audit Committee Chair on the Dow Inc. Board of Directors.
CeCelia “CeCe” G. Morken
Morken most recently served as CEO of Headspace, a leading provider of digital mental wellness services, from January 2021 until January 2022, when the company merged with an online mental health platform and she retired. She previously served as Headspace’s President and Chief Operating Officer from April 2020 to January 2021. Prior to that, Morken held a variety of senior roles at Intuit Inc., a global technology platform, from 2007 to 2020, including as EVP and General Manager of Strategic Partnerships from 2017 to 2020, and EVP and General Manager of the ProConnect Group, Intuit’s accountant division, from 2013 to 2017. Morken currently serves on the board of directors of Alteryx, Inc. (since 2021) and Genpact Ltd (since 2016).
Felicia F. Norwood
Since 2018, Norwood has served as the EVP and President, Government Business Division, of Anthem, Inc., a health company, where she is responsible for the profit and loss, setting the strategic direction and all operations related to the company’s Medicaid, Medicare and Federal Government Solutions businesses. Before joining Anthem, Norwood worked as the director of the Illinois Department of Healthcare and Family Services, a government department responsible for providing healthcare, from 2015 to 2018. Norwood’s career also includes 19 years with Aetna, Inc. from 1994 to 2013, most recently as President, Mid-America Region. She previously served on the board of directors of Hill-Rom Holdings Inc. from 2020 to 2021.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a leading financial services company that has approximately $1.9 trillion in assets, proudly serves one in three U.S. households and more than 10% of small businesses in the U.S., and is a leading middle market banking provider in the U.S. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management. Wells Fargo ranked No. 37 on Fortune’s 2021 rankings of America’s largest corporations. In the communities we serve, the company focuses its social impact on building a sustainable, inclusive future for all by supporting housing affordability, small business growth, financial health, and a low-carbon economy. News, insights, and perspectives from Wells Fargo are also available at Wells Fargo Stories.
