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Wells Fargo separates CEO and chair jobs
Wells Fargo has changed its bylaws to split the roles of CEO and chairman as the bank continues to cope with the fallout from a scandal over its sales policies. In an apparent bow to pressure by institutional shareholders, Wells Fargo on Thursday announced the separation and said the change also requires its board chair and vice chair to be independent directors. Lead independent director Stephen Sanger took the chairman post, while Timothy Sloan, the bank's president and chief operating officer, became CEO.
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