More than a week before the Federal Reserve disclosed its consent order against Wells Fargo & Co., California's treasurer had given the company a list of board members he wanted gone, the San Francisco Business Times reported Feb. 6.
Treasurer John Chiang told the publication he had "notified Wells Fargo [that he] intended to attend its April shareholder meeting to forcefully argue that four long-time board members be jettisoned." The four directors are Lloyd Dean, John Baker II, Federico Peña and Enrique Hernandez Jr. Chiang accuses them of being missing in action and of having been in a position — the corporate responsibility committee — to know about the creation of millions of fake accounts.
The Fed, in announcing the consent order, said three directors were expected to step down by April and another before the end of the year. Wells Fargo did not identify those leaving.
Chiang said he intends to attend the company's annual shareholder meeting and "raise holy hell about the board's composition." If the board members are gone, however, he will refocus on "getting Wells Fargo to cease using an unfair arbitration clause." The state treasurer said he will attend the meeting "armed with the proxy of certain Wells Fargo stockholders."
Chiang is running for governor.
