Wells Fargo Selects New Board Chairman

Wells Fargo & Company on Tuesday (Aug. 10) announced that Charles H. Noski has stepped down as chairman of the board of directors, but will keep the director role until Sept. 30. In his remaining month and a half as a director, Noski will oversee the transition of responsibilities to the new chairman, Steven D. Black, who brings with him more than 45 years of financial services experience.

Noski has served as a director since June 2019 and as chairman since March 2020. According to the company announcement, he previously served as chair of the board’s Audit Committee and, until Tuesday, as chair of its Governance and Nominating Committee.

Prior to joining Wells Fargo’s board, Black worked with some of the world’s biggest financial institutions (FIs). Since September 2012, he has served as co-CEO of the private-equity firm Bregal Investments.

The Wells Fargo board also elected Wayne M. Hewett to serve as a member and as chair of the Governance and Nominating Committee.

Tuesday’s announcement comes on the heels of the bank’s recent news, as reported by PYMNTS, that it had chosen Derek Ellington to head up its small business banking unit. Effective Oct. 18, Ellington will oversee about 2,000 employees.

Ellington received kudos for his involvement in diversity and inclusion initiatives at a previous job. Wells Fargo has championed these efforts, announcing in May the debut of a new undertaking to expand banking among Black, Hispanic and Native American households.

Read more: Wells Fargo Taps Derek Ellington As SMB Banking Chief

In terms of the bank’s new board lineup, Black joined the board in 2020. CEO Charlie Scharf applauded Noski for his efforts during the COVID-19 pandemic and said he “greatly appreciated the wisdom and advice” that Noski provided.

“We are fortunate to have Steve as our new chairman,” Scharf said. “I am looking forward to working closely with Steve and Wayne in their new leadership roles, as well as with the entire Wells Fargo board, as we continue to make progress on changes that will enable us to reach our full potential.”