Wells Fargo Elects Ex-Deloitte Partner Quigley to Board
Wells Fargo & Co. (WFC), the largest U.S. mortgage lender, elected James H. Quigley to the company’s board, bringing the number of members to 15.
Quigley, a former partner at Deloitte LLP, will join the board immediately, San Francisco-based Wells Fargo said today in a statement. Quigley, 61, will join the audit and examination committee, Wells Fargo said.
Quigley’s “management experience running a prominent global firm, together with his extensive audit, financial reporting, and risk management expertise, makes him an outstanding addition to the board,” John Stumpf, Wells Fargo’s chairman and chief executive officer, said in the statement.
Quigley spent 35 years at firms affiliated with Deloitte, including stints as CEO of Deloitte LLP, a U.S. firm, from 2003 until 2007, and U.K.-based Deloitte Touche Tohmatsu Ltd. from 2007 until 2011, according to the statement. He retired as a senior partner at Deloitte LLP in 2012.
Quigley is no relation to Philip J. Quigley, who was a Wells Fargo director until this year, or Scott P. Quigley, Philip’s son, who works at the bank, according to Ancel Martinez, a company spokesman.
Quigley’s experience “advising diverse multinational companies operating in complex environments” will assist the board in its oversight of the company, said Stephen W. Sanger, lead director and chairman of the governance and nominating committee. Wells Fargo is expanding beyond the U.S., where Stumpf has said the firm gets 97 percent of its revenue.
Quigley is the fourth director named to the board in the last 28 months. Former PricewaterhouseCoopers LLP partner Howard V. “Rick” Richardson was named in November. Federico Pena, who led the transportation and energy departments for President Bill Clinton, joined in November 2011, and Elaine Chao, labor secretary under George W. Bush, took her seat in July 2011.