Former Wells Fargo CEO Retires From Board

Former Wells Fargo & Co. Chairman and Chief Executive Carl Reichardt is retiring from the bank’s board, breaking with the institution he built into a banking powerhouse only to see its performance tumble after he left management. Reichardt’s decision to not stand for reelection as a director, disclosed in the bank’s proxy statement, follows his sale of 140,000 Wells shares in January, or 94% of his holdings. Wells also said in the proxy statement that it kept Chairman and Chief Executive Paul Hazen’s compensation steady at about $3 million in 1997. Wells had problems digesting its acquisition of First Interstate Bancorp last year. The transition was plagued by computer breakdowns, customer defections and falling revenue. Wells Fargo shares rose $6.13 to close at $325.63 on the New York Stock Exchange.