March 1, 2018 / 11:46 PM / a year ago

CORRECTED-UPDATE 1-Wells Fargo says 4 directors to retire as board changes continue

(Corrects last paragraph to show former CEO John Stumpf left, not current CEO Tim Sloan.)

March 1 (Reuters) - Wells Fargo & Co said on Thursday four of its directors would retire at the annual shareholder meeting to be held on April 24.

The company said John Chen, Lloyd Dean, Enrique Hernandez - the board’s longest serving directors - and Federico Peña, who was scheduled to retire in 2019, would step down.

The board will nominate 12 of its current directors for election at the meeting, Wells Fargo said.

Wells Fargo has been refreshing its board since last year under shareholder pressure after it was found in 2016 that employees may have opened as many as 3.5 million unauthorized customer accounts.

The scandal shattered the bank’s reputation as a well-run, highly profitable institution that managed to sell more products to customers than any of its big-bank rivals.

The Consumer Financial Protection Bureau and two other regulators had reached a $185 million settlement with Wells Fargo when the scandal was uncovered.

The scandal also led to the departure of former Chief Executive John Stumpf and other executives. (Reporting by Nikhil Subba in Bengaluru; Editing by Arun Koyyur, Maju Samuel and Daniel Wallis)

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