VEA Vice-Chair Nell Minow is quoted in the LA Times story about the new CEO at Wells Fargo:
Nell Minow, vice chair of ValueEdge Advisors, which promotes strong corporate governance, said the question of whether Sloan came from inside or outside Wells Fargo’s ranks is less important than his need to move fast to restore the bank’s trust with customers, investors and employees.“We’re going to know very quickly whether he’s the right choice or not. He has a one-week window,” she said.Among other things, Sloan must personally visit Wells Fargo’s largest institutional shareholders and its largest banking centers to listen to the concerns of investors, employees and customers and then respond to them, Minow said.
Sloan also should say Wells Fargo will “add new people to our board and ask investors to suggest candidates,” review the performance of other top Wells Fargo executives “to determine whether they can continue to work there” and even be the face on Wells Fargo’s television commercials, Minow said.
Sloan also must vow to conduct “a very rigorous examination of its system and make the results of that public,” Minow said. “If he doesn’t do all of those things, he was the wrong choice.”