Banking

Wells Fargo director plans to step down if confirmed to Trump’s cabinet

In this July 2016 file photo, former Labor Secretary Elaine Chao and her husband, Senate Majority Leader Mitch McConnell, R-Ky., check out the stage during preparation for the Republican National Convention inside Quicken Loans Arena in Cleveland.
In this July 2016 file photo, former Labor Secretary Elaine Chao and her husband, Senate Majority Leader Mitch McConnell, R-Ky., check out the stage during preparation for the Republican National Convention inside Quicken Loans Arena in Cleveland. AP

Wells Fargo director Elaine Chao has told the San Francisco-based bank that she will step down from the board “if and when” she is confirmed as U.S. transportation secretary, the company said in a securities filing Monday.

President-elect Donald Trump said last week that he planned to nominate Chao for the post, replacing former Charlotte Mayor Anthony Foxx. Chao, the former Labor Secretary under George W. Bush, has been on the Wells board since 2011.

Chao’s decision to resign was not due to any disagreement with the company, the filing said.

A person familiar with the company had previously told the Observer that Chao would leave the board before assuming the post. The board plans to add a new director once she departs, the person said.

Wells Fargo, which has been seeking to recover from a scandal over its sales practices, has its largest employee hub in Charlotte.

Rick Rothacker: 704-358-5170, @rickrothacker

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