Federico Pena, a member of Wells Fargo’s board of directors and chairman of its corporate responsibility committee, has resigned from an advisory position with Vestar Capital Partners, a private equity firm. The corporate responsibility committee, which is meant to monitor the bank's reputation, has come under fire since it emerged that Wells Fargo's branch staff created as many as 2 million accounts without customers' knowledge to meet internal sales targets. “I only spent one year as the head of the committee,” said Pena, who served as energy secretary and transportation secretary during Bill Clinton's presidency.
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Wells Fargo’s corporate responsibility chair resigns from private equity firm