WASHINGTON, DC – CBC Chairman G. K. Butterfield issued the following statement following the resignation of Wells Fargo Chairman and CEO John Stumpf:
“We cannot underestimate the importance of corporate diversity in light of the recent corporate fraud, misconduct and resignation of Wells Fargo Chairman and CEO John Stumpf,” said Chairman Butterfield. “When examining the leadership of Wells Fargo and its executive officers, it is evident that much work remains when it comes to minority representation within the company’s leadership.
“Among Fortune 500 companies, nearly 200 of them have no African Americans on their Board of Directors, and very few have African Americans among their senior management. This is particularly troubling considering African American purchasing power has surpassed 1 trillion dollars.
“We have always known that diverse representation on corporate boards and in c-suites leads to greater innovation, corporate competitiveness, and long-term success in today’s global marketplace.
“During this critical transition period we urge Wells Fargo to reexamine its corporate structure and consider adding more African Americans to its Board of Directors and executive office corps.”
