Wells Fargo & Co. said Charles Noski stepped down as chairman and is being replaced by board member and former JPMorgan Chase & Co. Vice Chairman Steven Black.
Noski, 68, a director for more than two years and chairman since March 2020, will remain on the board until his retirement on Sept. 30 to help with the transition, the San Francisco-based bank said in a statement Tuesday.
Black, who has become chairman effective immediately, has more than 45 years of financial-services experience and has served as co-chief executive officer of private-equity firm Bregal Investments since 2012, Wells Fargo said.
Noski took over as chairman last year after Betsy Duke resigned ahead of a dramatic congressional hearing examining the role of Wells Fargo’s board in a series of scandals that began with the 2016 revelation that bank employees opened millions of potentially fake accounts to meet sales goals.
The lender has faced unprecedented political and regulatory fallout in the years since, including a growth cap put in place by the Federal Reserve.