Wells Fargo Announces Preliminary Voting Results of 2024 Annual Meeting of Shareholders

Rhea-AI Summary

Wells Fargo announced the results of its 2024 Annual Meeting of Shareholders, electing 13 director nominees, including a new independent director, Fabian T. Garcia. The shareholders also approved various proposals related to executive compensation and voting standards.

Positive

• Fabian T. Garcia's appointment as a new independent director brings a wealth of experience and capabilities to Wells Fargo's Board.

Negative

• None.

Shareholders elect 13 director nominees, including one new independent director

SAN FRANCISCO--(BUSINESS WIRE)-- Wells Fargo & Company (NYSE: WFC) announced today that its shareholders elected as directors the 13 nominees named in the company’s proxy statement, including a new independent director: Fabian T. Garcia. Upon his election, Garcia was appointed to the Board’s Finance Committee.

Wells Fargo Bank branch located in the Wells Fargo Center (Photo: Wells Fargo)

“I look forward to working with Fabian and the rest of the Board as we continue to transform Wells Fargo,” said Wells Fargo CEO Charlie Scharf. “He brings a wealth of experience and capabilities to the Board’s work.”

“Fabian will add deep strategic planning and business operational experience to our Board,” said Steven Black, Wells Fargo’s Independent Board Chair. “We are fortunate to have him joining us.”

In addition, shareholders approved an advisory proposal on executive compensation and ratified the appointment of KPMG LLP as the company’s independent registered public accounting firm for 2024. Shareholders approved an amendment to remove supermajority voting standards from the company’s certificate of incorporation and did not approve an amendment to remove supermajority voting standards from the company’s bylaws. Shareholders did not approve the eight 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

Fabian Garcia

Garcia has over 40 years of experience as a global consumer products and retail executive overseeing iconic consumer brands in diverse markets. He is currently global president of personal care and a member of the executive leadership team at Unilever, a British multinational consumer goods company. Prior to joining Unilever, Garcia was CEO and president of Revlon, and he has also held senior leadership positions at Colgate-Palmolive, The Timberland Company, Chanel, and Procter & Gamble.

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a leading financial services company that has approximately $1.9 trillion in assets. 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. 47 on Fortune’s 2023 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.

Additional information may be found at www.wellsfargo.com

LinkedIn: https://www.linkedin.com/company/wellsfargo

News Release Category: WF-CF

View source version on businesswire.com: https://www.businesswire.com/news/home/20240430442738/en/

Media

Beth Richek, 704-374-2545

Beth.Richek@wellsfargo.com

Investor Relations

John Campbell, 415-396-0523

john.m.campbell@wellsfargo.com

Source: Wells Fargo & Company

FAQ

Who was elected as a new independent director in Wells Fargo?

Fabian T. Garcia was elected as a new independent director in Wells Fargo.

What proposals did the shareholders approve at the 2024 Annual Meeting of Shareholders for Wells Fargo?

Shareholders approved an advisory proposal on executive compensation, ratified the appointment of KPMG LLP as the independent registered public accounting firm for 2024, and approved an amendment to remove supermajority voting standards from the company's certificate of incorporation.

Where can the final voting results be accessed?

The final voting results will be reported on a Form 8-K filed with the Securities and Exchange Commission (SEC) and will be available on the SEC's website at www.sec.gov.