(Reuters) – Wells Fargo & Co on Tuesday named Steven Black as chairman effective immediately, succeeding Charles Noski who will retire at the end of September after more than a year-long stint.
Black has over four decades of financial services experience and has served as co-chief executive officer of private equity firm Bregal Investments since 2012.
“Chuck (Noski) stepped into the chairman role at an important inflection point for the company — both in terms of our ongoing work to improve our controls and governance and in the early days of what became an unprecedented global pandemic,” Wells Fargo CEO Charlie Scharf said.
The board change comes as Scharf, who took the helm in September 2019, battles to turn the bank around after two other bosses failed to do so, and the bank had to spend billions of dollars on litigation and remediation following a wave of sales practice scandals.
(Reporting by Noor Zainab Hussain in Bengaluru; Editing by Shinjini Ganguli)
