Four Wells Fargo & Co. board members will retire at the company's annual shareholder meeting.
They are John Chen, Lloyd Dean, Enrique Hernandez Jr. and Federico Peña. With their departure, Wells Fargo will nominate 12 incumbent directors for re-election.
The announcement follows the Federal Reserve Board's issuance of a cease and desist order against the company and a requirement to remove four members of the board. California Treasurer John Chiang soon after named Dean, Hernandez, Peña and John Baker II as those he wanted out. Chiang accused them of having been in a position — the corporate responsibility committee — to know employees were illegally creating millions of fake accounts before the scandal became public.
The annual shareholder meeting will be held April 24.
