Wells Fargo names two new directors to board

NEW YORK (Reuters) - Wells Fargo & Co has appointed Karen Peetz and Ronald Sargent as new independent directors to its board, the bank said in a statement on Monday.

Elaine Chao, who was recently sworn in to lead the U.S. Transportation Department, has left the bank’s board and the new appointments expand the size of the board by one director, according to a source familiar with the matter.

Peetz, who recently retired as Bank Of New York Mellon Corp president, will serve on the board’s finance committee, while Sargent, formerly chief executive of Staples Inc, will serve on the board’s governance and nominating committee, the bank said.

Wells Fargo has been under pressure from investors to boost its corporate oversight ever since the bank was rocked in September by revelations that employees opened as many as 2 million credit card and checking accounts without customer authorization.

Reporting by Saqib Iqbal Ahmed; Editing by Alan Crosby