Calls for independent board chair at Wells Fargo

|About: Wells Fargo & Co. (WFC)|By:, SA News Editor

Among those pushing for a change in bylaws requiring an independent chairman of the board are the state treasurers of Connecticut and Illinois, and the group has filed a resolution for such for the bank's annual meeting next spring.

CEO and Chairman John Stumpf resigned in October, and was replaced in the CEO role by President Tim Sloan, and in the chairman's spot by lead director Stephen Sanger, who's listed as independent in Wells' (NYSE:WFC) most recent proxy filing.

Connecticut Treasury Denise Nappier calls it a welcome first step, but would like the split formalized.