The board of Wells Fargo & Co. has elected Wayne Hewett to the company's board, effective Jan. 7.

Hewett is currently chairman of DiversiTech Corp., a manufacturer and supplier of components and related products for the heating, ventilating, air conditioning and refrigeration industry.

Hewett's election to Wells Fargo's board increases the board's size to 13 directors. Hewett, who is considered an independent director, will serve on the board's human resources committee and risk committee.

Meanwhile, Karen Peetz, who joined Wells Fargo's board in February 2017 as an independent director, will not stand for re-election and will retire as a director at the company's annual meeting of shareholders on April 23. Peetz will retire to "devote more time to other commitments and activities." Her decision to retire was not due to any disagreement with the company.