Wells Fargo announced its board of directors has taken a range of board refreshment actions, including naming Elizabeth A. “Betsy” Duke to succeed Stephen W. Sanger as independent chair, effective January 1, 2018; having three long-serving directors (including Sanger) retire at year-end 2017 and adding a new independent director and changing the composition of board committees, both effective September 1, 2017.

The actions announced are in addition to the appointment earlier this year of two new independent directors, Karen B. Peetz and Ronald L. Sargent. The board expects to name up to three additional independent directors before the 2018 annual meeting.

“The changes announced today reflect a thoughtful and deliberate process by the board that was informed by the company’s engagement with shareholders and other stakeholders, as well as the board’s annual self-evaluation that was conducted after the 2017 annual meeting and prior to its typical year-end timing,” Sanger said.

To facilitate its 2017 self-evaluation, the Board engaged Mary Jo White, a senior partner at Debevoise & Plimpton and former chair of the Securities and Exchange Commission.