Wells Fargo Chairman Charles Noski is retiring, and he will be succeeded by an industry veteran with ties to CEO Charlie Scharf.
The megabank’s board of directors has elected Steven Black as its new chairman, according to a company announcement Tuesday. Wells continues to work through an array of regulatory troubles, and Black is slated to become the company’s fifth board chair in as many years.
Black, who joined Wells Fargo’s board last year, is co-CEO of the private equity firm Bregal Investments. He is also a former vice chairman of JPMorgan Chase, where he held top roles in the investment banking division after working at Citigroup and its predecessor companies.
Black was previously a board member at Bank of New York Mellon when Scharf, who became Wells Fargo’s chief executive in 2019, was the trust bank’s CEO.
Scharf said in a press release that he looks forward to working with Black and the Wells Fargo board “as we continue to make progress on changes that will enable us to reach our full potential.”
Noski, the departing chairman, will stay on the board until Sept. 30 to facilitate Black’s transition to the new role. Noski, who has also been chair of the board’s governance and nominating committee, will be succeeded in that role by board member Wayne Hewett.
Noski joined Wells Fargo’s board in June 2019 and became chairman in March 2020, when then-Chair Elizabeth Duke stepped down following the release of a congressional report that was critical of board members.
Scharf said Tuesday that Noski’s tenure as chairman began at an “important inflection point for the company,” as it worked to improve its standing with regulators and retool its operations during the COVID-19 pandemic.
“I have greatly appreciated the wisdom and advice Chuck has provided to me during this challenging period,” Scharf said in the press release, which also credited Noski for his work on increasing the company’s disclosures regarding environmental, social and governance issues.
Wells Fargo remains subject to several regulatory consent orders, including an asset cap the Federal Reserve imposed in 2018 in the midst of the bank’s consumer abuse scandals.
