Wells Fargo to name Scharf chairman

Wells Fargo announced late Thursday it plans to appoint President and CEO Charlie Scharf chairman of its board of directors and award him a special equity grant of $30 million in restricted share rights along with more than a million stock options. 

The San Francisco-based banking giant said in a press release it would create a lead independent director role “to support the Board’s continued independent oversight.” Wells didn’t say when Scharf’s appointment would become effective, and a spokesperson declined to comment. 

Kyle Grillot/Bloomberg

Scharf has served as president and CEO since October 2019. Under his leadership, the $1.93 trillion asset company has largely extricated itself from the thicket of consent orders that followed in the wake of its fake…