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Wells Fargo board to appoint CEO Scharf as chairman

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Wells Fargo board to appoint CEO Scharf as chairman

Jul 31, 2025 2:11 PM

(Reuters) -Major U.S. lender Wells Fargo ( WFC ) said on Thursday its board of directors intends to appoint CEO Charlie Scharf as chairman.

The move comes after Scharf led Wells Fargo ( WFC ) to be released from a punitive, seven-year-long $1.95 trillion cap on its assets last month.

The board also awarded Scharf a one-time special equity grant consisting of $30 million in restricted share rights and stock options.

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