January 7, 2019 / 9:51 PM / 5 months ago

Karen Peetz to retire from Wells Fargo board

The sign outside the Wells Fargo & Co. bank in downtown Denver April 13, 2016. REUTERS/Rick Wilking

(Reuters) - Wells Fargo & Co (WFC.N) said on Monday board member Karen Peetz has decided not to stand for reelection after roughly two years on the board.

The fourth-largest U.S. bank by assets also said it has elected Wayne Hewett to join the board.

Peetz was named to the board in February of 2017 and chaired the risk committee, a key position as Wells Fargo works to prove that it has improved its risk management controls.

The former president of Bank of New York Mellon Corp (BK.N) is stepping down to devote more time to other commitments, the statement said. She will retire as director during the company’s annual shareholder meeting in April.

Enhancing its risk controls is a priority for the bank after a series of scandals stemming from its sales practices landed the bank under public and regulatory scrutiny. Revelations that Wells Fargo opened up potentially millions of unauthorized accounts has resulted in billions of fines for the bank and a punitive cap on assets from the Federal Reserve.

Hewett is currently chairman of industrial manufacturing company DiversiTech Corporation and has experience with medical devices, food and electronics, the statement said.

“Wayne brings a unique and relevant background to Wells Fargo’s business and strategic direction, further enhancing the breadth of skills and experience of our board,” said President and Chief Executive Tim Sloan.

Reporting by Imani Moise; Editing by Marguerita Choy

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