“Wells Fargo has become synonymous with ‘scandal.’ From millions of fake accounts to the auto insurance debacle, working families have been harmed, public trust has been eroded, and value for investors has been undermined.

“We’ve long said that this company must take decisive action to restore confidence. That Wells Fargo has announced new independent board directors is a major step in that direction. This is a win for customers and a win for investors — and it’s the right thing to do. It’s particularly constructive that the board has focused on maintaining strong diversity.

“We hope Wells Fargo, which has been consumed by scandal, has turned a corner. In the coming months, shareowners will continue to monitor the board’s actions and hold its feet to the fire to create real progress.”