Stephen Sanger is likely to step down as chairman of Wells Fargo & Co. before the company's annual meeting in spring 2018, The Wall Street Journal reported, citing "people familiar with the matter."
Vice Chair Elizabeth Duke is a top candidate to replace Sanger at the head of the board of directors, the report stated. The changes would be part of a broader revamp of the board that have been discussed for months, with final decisions expected before Labor Day, Sept. 4, the Journal added.
Sanger took over as nonexecutive chairman in late 2016, after then-Chairman and CEO John Stumpf resigned amid the company's fake-account scandal. Wells Fargo's troubles have continued, and legislators on Capitol Hill have called for the removal of its directors. The full board kept their roles after a contentious shareholder vote in April.