Wells Fargo has announced that its board of directors intends to appoint chief executive officer Charlie Scharf as chairman of the board, alongside granting him a one-time special equity award valued at $30 million in restricted share rights and stock options.

The decision comes as the board seeks to retain Scharf and recognise his leadership in transforming the bank following a series of regulatory and reputational challenges. Scharf, who has led Wells Fargo since 2019, has overseen significant changes, including the resolution of several consent orders and the lifting of a $1.95 trillion asset cap imposed by the Federal Reserve after the bank's fake-accounts scandal in 2016.

Steven Black, current chairman of Wells Fargo’s board, said, “The special equity award is designed to acknowledge Charlie’s role in leading Wells Fargo through an unprecedented transformation, creating shareholder value and positioning the company for the future.” [Reuters](https://www.reuters.com/sustainability/boards-policy-regulation/wells-fargo-board-appoint-ceo-scharf-chairman-grant-30-million-award-2025-07-31/)

The board said that when Scharf becomes chairman, a lead independent director will be appointed to maintain oversight. The bank emphasised that this structure is intended to ensure continued independent leadership and governance.

Wells Fargo stated, “These actions reflect the Board’s desire to retain Mr. Scharf as the chief executive officer of the Company and to recognise his leadership in transforming Wells Fargo, including creating significant shareholder value and positioning the company for future success. Under his leadership, he has built an outstanding management team, significantly strengthened the company’s risk and control infrastructure, improved its reputation, achieved critical regulatory milestones, and delivered a strong financial performance, while making strategic investments in driving growth of our core businesses.”

The $30 million equity award will vest on a pro rata basis following the fourth, fifth and sixth anniversaries of the grant date. The bank noted that this design, along with its stock ownership policy, aims to align Scharf’s compensation with long-term shareholder value creation.

Scharf commented, “Over the last several years, our Operating Committee and our 213,000 employees have executed a multi-faceted transformation under extremely difficult circumstances. It is a privilege to lead Wells Fargo and our talented and dedicated team, and I look forward to building on our significant momentum to continue improving our performance and market position in everything we do.”

The appointment will bring Wells Fargo in line with other major US banks, such as JPMorgan Chase, Goldman Sachs and Bank of America, where the chief executive officer also serves as chairman.

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