PONTE VEDRA BEACH, Fla. — Shareholders irritated by the fallout from Wells Fargo’s sales practices scandal sent a warning to the bank’s executives and board, with some directors barely holding onto their jobs Tuesday in what is typically a symbolic vote.

The shareholder meeting was the first time Wells Fargo had met collectively with its investors since acknowledging last fall that its employees opened up to 2 million bank accounts without getting customers’ authorization in order to meet unrealistic sales quotas.

While all 15 board members kept their positions for another year, four directors received backing of 60 percent or less. That included Chairman Stephen Sanger, who received 56 percent support.

“Wells Fargo shareholders today have sent the entire board a clear message of dissatisfaction,” Sanger said.

Although shareholders voted everyone in, they were clearly unhappy. All the directors who were at Wells Fargo before the scandal broke got 80 percent or less of shareholders’ votes, based on preliminary results. The three who got 99 percent were CEO Tim Sloan –who got his job in October after former CEO John Stumpf departed – and two independent directors who started earlier this year. Last year, Wells Fargo’s board got approvals from at least 90 percent of shareholders, a common level at big corporations.

Sanger said he did not see the slim majority as a vote of no confidence in his role as chairman. And he said the board has no plans to replace any of its members.

Wells Fargo’s contentious, three-hour long shareholder meeting was interrupted several times by protesters, with one man, Bruce Marks of the Neighborhood Assistance Corporation of America, being effectively dragged out by armed security guards. Sanger said Marks had to be removed because he physically approached a board member, something people sitting nearby disputed.

Other protesters were ordered to leave the meeting, escorted by guards but not physically forced to leave.

Wells Fargo’s’ board has placed blame for the scandal at the feet of former managers, notably former CEO Stumpf and Carrie Tolstedt, who was the executive in charge of the community banking division while the problems were happening. Through a lawyer, Tolstedt has denied responsibility and says the board is trying to shift blame.


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