Wells Fargo announced Monday that its board has named Stephen W. Sanger, a former CEO of General Mills, its new lead director.
Sanger, 65, has served on the board since 2003. He made $305,667 in 2010 -- including $129,000 in cash -- in the position, according to securities filings.
He takes over for Philip J. Quigley, 69, who had served as lead director since the position was created in January 2009 as a nod to the company's stated desire for independent board leadership. Wells Fargo CEO John Stumpf is the board chairman.
The lead director's responsibilities include assisting the chairman, approving meeting agendas and calling special meetings of the board.
Quigley will remain on the board.