Elizabeth Duke to become next chairwoman of Wells Fargo & Co.

SAN FRANCISCO -- Wells Fargo & Co. said Tuesday that Elizabeth Duke will become its chairwoman next year, making her the first woman to hold the position at a major Wall Street bank.

Duke, a former member of the Federal Reserve's governing board, will replace Stephen Sanger on Jan. 1., the bank said in a statement.

Sanger took over as independent chairman late last year after John Stumpf, Wells Fargo's then CEO and chairman, abruptly resigned in the aftermath of the bank's sales practices scandal.

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While Sanger was applauded for the sales-scandal investigation, investors said he and the board shared some responsibility for how Wells Fargo operated in the years before the scandal broke. Sanger barely survived a vote to remove him from the board.

Duke was a member of the Federal Reserve's board of governors from 2008 to 2013.

The San Francisco-based bank also announced retired PricewaterhouseCooper executive Juan Pujadas will also join the board.

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