Duke had served as chair of Wells Fargo’s board since January 2018 where she presided over the company’s attempts to move beyond its legal troubles. Before that, Duke was the bank’s vice chair from October 2016 through the end of 2017.
‘Why are you sending it to me, the board, rather than the department manager?’ Duke said, according to the report.
“Out of continued loyalty to Wells Fargo and ongoing commitment to serve our customers and employees, we recommended to our colleagues on the board that we step down from our leadership roles,” Duke and Quigley said in a joint statement. “We believe that our decision will facilitate the bank’s and the new CEO’s ability to turn the page and avoid distraction that could impede the bank’s future progress.”
Scharf thanked Quigley and Duke for their contributions to Wells Fargo.
“They have helped the Board navigate significant challenges relating to the sales practices issues, and they began the hard work of instituting necessary changes in leadership, governance, compensation programs and our business model that form the foundation on which we are continuing to rebuild the trust we’ve lost,” Scharf said.