A couple of years ago being the CEO of Wells Fargo was a very desirable position. The company had a good reputation, the biggest share owners are Warren Buffett and Berkshire Hathaway and then the scandals showed up. The last CEO believed customer should have 12 accounts whether they wanted them or not. It has taken a couple of years to change people and policies.
In an article by Rachel Louise Ensign and David Benoit of the Wall Street Journal, the process to find a body is taking more time than it should.
Running the 4th largest bank is one of the biggest jobs in banking but senior bankers at other bankers who are not in line for the top position have said no thank you. Part of the problem is gixing the problems is a 5 year process.
The interim CEO is C. Allen Parker who was the general counsel. Besides the Board making the decision, the Office of the Controller of the Currency must sign off on the decision. The biggest shareholders have said the new CEO does not have to come from Wall Street.
Linking to dividend paying stocks, session planning is a key part of the Board of Directors it seems the process has not worked well at Wells. For your investments can you see session planning or you should ask about it.