Former Wachovia CEO Robert Steel has resigned from Wells Fargo & Co. (NYSE: WFC)’s board of directors according to a regulatory filing filed on Friday.
Steel took over Wachovia Corp in 2008 as the Charlotte-based bank headed toward failure, and later orchestrated the sale of Wachovia to Wells Fargo.
In the middle of June, New York City announced that Steel will become the city’s deputy mayor for economic development. Wells Fargo’s regulatory filing said that its expected that Steel will begin that position in August.
The departure of Steel from Wells Fargo & Co. (NYSE: WFC)’s board completes Steels return trip to work for the government. After spending more than three decades at Goldman Sachs Group Inc. (NYSE: GS), Steel served as an undersecretary for the U.S. Treasury from 2006 and 2008.
