Our roadoad aheadahead - Wells Fargo

Our road ahead

WELLS FARGO & COMPANY | 2018 ANNUAL REPORT

Cover: Wells Fargo customer Erik Gruber outside his new home in Philadelphia. Learn more on page 34.

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LETTER FROM CHAIR OF THE BOARD LETTER FROM CHIEF EXECUTIVE OFFICER AND PRESIDENT STORIES: OUR PROGRESS ON THE ROAD AHEAD OPERATING COMMITTEE AND OTHER CORPORATE OFFICERS BOARD OF DIRECTORS 2018 CORPORATE RESPONSIBILITY HIGHLIGHTS 2018 FINANCIAL REPORT STOCK PERFORMANCE

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Dear Fellow Shareholders

We are steadfast in our commitment to building and protecting the long-term value of the company.

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Looking back on my first year as chair of the

individually and the decentralized nature of

Wells Fargo Board of Directors, I am encouraged certain control functions. I believe this review

by the progress the company and our board

was necessary to help us serve our customers

have made as we build a better Wells Fargo for

better. In the past two years, we have centralized

the future.

many aspects of our organizational structure,

strengthened risk management, and improved

Before I talk about the board, I'd like to recognize

governance practices and oversight. Going

the tireless efforts of our management team.

forward, we believe maintaining a holistic view

Tim Sloan became CEO just over two years ago,

of the company and focusing on operational

and since then, with the full support of the board, excellence will result in continued positive change.

he has been driving transformational change

at the company.

Organizationally, Tim has pulled together a

strong management team that blends Wells Fargo

As CEO, Tim's first priority was to initiate an

veterans with experienced talent from elsewhere.

extensive review to identify, understand, and Three of his direct reports are from outside

resolve the problems of the past; to provide

the company, and two more -- the company's

appropriate remediation to customers who

new head of Technology and chief auditor -- will

were harmed; and to be transparent about our

join Wells Fargo in April. Most of his other direct

progress. We discovered a variety of issues, and reports are in new or expanded roles. Together,

even though the specific causes may have been

the leadership team is executing plans to

different, some common themes emerged, such streamline the company's operating structure,

as the company's history of running businesses

better define roles and responsibilities, fill key

ELIZABETH A. DUKE | Chair, Board of Directors, Wells Fargo & Company

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