At the bank's annual meeting in April, Hernandez received just 53% of shareholder votes, the lowest among the 15 board nominees. Such a result was seen as a harsh rebuke, since directors run unopposed; it's rare in such corporate elections to receive approval ratings below 90%. "As a member of the corporate responsibility committee, Hernandez is not only charged with protecting Wells Fargo's reputation but, more importantly, the trust between the bank and the customers it serves," Chiang said in the statement. Hernandez was largely spared in a Wells Fargo board shakeup last month that entailed the departure of Chairman Stephen Sanger and two long-serving directors. He was replaced as head of the board's risk committee, but he kept his role as head of the finance committee. In September 2016, following the initial account-scandal revelations, Chiang said the California Treasurer's Office would suspend new investments and transactions with Wells Fargo for at least a year.