Wells Fargo tempts two top execs out of retirement

Two former high-ranking business executives have come out of retirement to work as independent directors for Wells Fargo, the financial services company announced recently.

Karen Peetz served as president of the Bank of New York Mellon Corp., and Ronald Sargent was a former CEO and chairman of Staples. Peetz will be part of Wells Fargo's finance committee, while Sargent was named to the governance and nominating committee. They will both also serve on the human resources panel.

“We are very pleased to add these two exceptional leaders to our board,” board Chairman Stephen Sanger said. “Karen will provide particular expertise in financial services, client services, and regulatory matters, while Ron brings deep experience in consumer retail and marketing, as well as in the management of a large workforce serving customers globally through a variety of channels.”

Peetz has 35 years of industry experience. She earned her bachelor’s degree from Pennsylvania State University and master’s from Johns Hopkins. Peetz currently serves on several boards, including with Johns Hopkins University and the Global Lyme Alliance.

Sargent was chairman of Staples for 12 years and CEO for 14. He earned his bachelor’s and MBA degrees from Harvard University.

Sanger said the two new directors will be significantly involved in board matters and support continued efforts to rebuild customer and shareholder trust following the recent dismissal of board members.