Wells Fargo has named former Federal Reserve Governor Elizabeth Duke to become its next chairman, effective Jan. 1. With this appointment, Duke makes history as the first woman to chair a major national bank.
Duke succeeds Stephen W. Sanger, whose oversaw the bank during recent scandals related to its retail banking operations. Duke has served on the Wells Fargo board since January 2015 and was named vice chairman in October 2016.
Duke served at the Federal Reserve from 2008 to 2013. Before that, she held several banking industry executive positions, including president and CEO of Bank of Tidewater and senior executive vice president and chief operating officer at TowneBank.