Wells Fargo & Company announced that 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 on August 15, 2017 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. To facilitate its 2017 self-evaluation, the Board engaged Mary Jo White, a senior partner at Debevoise & Plimpton LLP and former Chair of the Securities and Exchange Commission. Board Chair Transition The Board of Directors named Duke to serve as Board Chair, effective January 1, 2018. Sanger will assist in the transition until his retirement. Duke, a former member of the Board of Governors of the Federal Reserve System, has served on the Board since January 2015 and as Vice Chair since October 2016. Addition of New Independent Director; Three Directors Retiring from Board at Year-End As part of the Board's commitment to refreshment, the Board made several changes in Board composition, including the election of a new independent director, and continues to focus on the recruitment of new directors who will complement the overall mix of skills, experience, and perspectives on the Board. The Board elected Juan A. Pujadas, a retired principal of PricewaterhouseCoopers ("PwC") LLP, as a new independent director, effective September 1, 2017. Among many senior positions at PwC, Pujadas was Vice Chairman of Global Advisory Services of PwC International, led the U.S. firm's Advisory Practice, and led PwC's Global Risk Management Solutions practice for the Americas.