The matter has already subsumed former Chief Executive John Stumpf, who resigned in October. Now the board, whose members include new CEO Tim Sloan, is facing opposition in the shareholder vote next week after proxy advisers recommended rejecting many of them.
Buffett’s assistant, Debbie Bosanek, told Reuters that Buffett supports management and the board, and that he has likely voted shares held by him and Berkshire to reflect that view. Berkshire held nearly 10 percent of Wells Fargo’s outstanding shares as of year-end, but has decided to sell some to avoid breaching the 10 percent threshold that would require special regulatory permission.
Wells Fargo Chief Executive Tim Sloan recently told The Wall Street Journal that Buffett would support the board, but Buffett had not confirmed Sloan’s statement until now.
