Wells Fargo board announces intention to appoint Scharf chairman and grants retention award

Wells Fargo’s board announced its intention to appoint CEO Charlie Scharf as Chairman and to name a Lead Independent Director. It also granted a one-time equity award consisting of USD 30 million in restricted share rights and 1,046,000 stock options, with vesting over the fourth, fifth and sixth anniversaries of the grant. This record concerns the July intention and award; the chair appointment took effect separately on October 14, 2025.