Wells Fargo Chairman Stepping Down, To Be Replaced By 1st-Ever Chairwoman

SAN FRANCISCO (CBS SF/AP) -- The chairman and CEO of Wells Fargo is stepping down, to be replace by the company's first-ever chairwoman.

The San Francisco-based bank announced Tuesday that Elizabeth Duke would become its chairwoman on January 1, replacing Stephen Sanger and making her the first woman to hold the position at a major Wall Street bank.

Wells Fargo is still reeling from a scandal involving its sales practices. Sanger took over as independent chairman late last year after John Stumpf, Wells Fargo's then CEO and chairman, abruptly resigned in the aftermath of the scandal.

While Sanger was applauded for the sales-scandal investigation, investors said he and the board shared some responsibility for how Wells Fargo operated in the years before the scandal broke. Sanger barely survived a vote to remove him from the board.

Duke is a former Federal Reserve governor and Wachovia Bank executive.

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