September 15, 2016 / 5:00 PM / 3 years ago

Activist Needmor calls on Wells Fargo to split Chair-CEO roles

BOSTON, Sept 15 (Reuters) - Activist investor Needmor Fund said on Thursday it filed a shareholder resolution with Wells Fargo & Co calling on the bank to split the roles of Chairman and Chief Executive, saying management needs strong oversight from the board “in light of the recent scandal” involving fake accounts.

Both jobs are currently held by John Stumpf, and the bank defeated a similar resolution at its last annual meeting in April. The resolution filed by Needmor Fund of Toledo, which said it owns 2,225 Wells Fargo shares, calls for the split roles to “be phased in for the next CEO transition.”

Reporting by Ross Kerber

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