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.
Contents
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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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