"We are thrilled to recognize Charlie's significant contributions to Wells Fargo and are planning to appoint him as Chairman of the Board," Black stated. "The special equity award is designed to acknowledge Charlie's role in leading Wells Fargo through an unprecedented transformation." Scharf has served as Wells Fargo's CEO since October 2019. Under his leadership, the bank has worked to address regulatory issues and strengthen its risk management systems following previous compliance problems. Wells Fargo operates through four segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management. The company has approximately $2.0 trillion in assets and employs 213,000 people. The company filed additional details about the board leadership changes and equity award in a Form 8-K with the Securities and Exchange Commission.