Wells Fargo director plans to step down if confirmed to Trump’s cabinet

Wells Fargo director Elaine Chao has told the San Francisco-based bank that she will step down from the board “if and when” she is confirmed as U.S. transportation secretary, the company said in a securities filing Monday.

President-elect Donald Trump said last week that he planned to nominate Chao for the post, replacing former Charlotte Mayor Anthony Foxx. Chao, the former Labor Secretary under George W. Bush, has been on the Wells board since 2011.

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