Fabian Garcia
WELLS FARGO & COMPANY/MNAbout Fabian T. Garcia
Fabian T. Garcia, age 65, has served as an independent director of Wells Fargo since April 2024. He is Global President, Personal Care at Unilever PLC (since July 2022) and brings 40+ years of consumer products leadership; prior CEO roles include Revlon and Unilever North America, with international experience across Colgate-Palmolive, Chanel, Timberland, and Procter & Gamble . The Board affirmatively determined Garcia is independent under Wells Fargo’s Director Independence Standards (NYSE-based), following its 2025 review of director relationships .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Unilever North America | President | 2020–2022 | Human capital management leadership; digital/e-commerce initiatives |
| Boston Consulting Group | Senior Advisor | 2018–2020 | Advised CPG companies; consumer/marketing insights |
| Revlon, Inc. | CEO & President | 2016–2018 | Public company CEO; consumer retail perspective |
| Colgate-Palmolive | COO, Global Innovation & Growth; various roles | 2003–2016 | Strategic planning, operations, international experience |
| The Timberland Company | SVP, International | 2002–2003 | International operations |
| Chanel | President, Asia Pacific | 1996–2002 | Global market leadership |
| Procter & Gamble | Various roles | pre-1996 | Consumer products foundation |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Unilever PLC | Global President, Personal Care | Since Jul 2022 | Member of Unilever leadership executive |
| Council on Foreign Relations | Member | N/A | Leadership service noted |
| Arrow Electronics, Inc. | Prior public company director | N/A | Prior directorship (not disclosed as current) |
| Kimberly-Clark Corporation | Prior public company director | N/A | Prior directorship |
| Revlon, Inc. | Prior public company director | N/A | Prior directorship |
Board Governance
- Committee assignment: Finance Committee member; Chair: Steven D. Black; 2024 meetings: 8; all members determined independent .
- Independence status: Board determined Garcia independent (all directors except the CEO) in early 2025 review under NYSE rules and Wells Fargo’s categorical standards .
- Attendance: Board and committee attendance averaged more than 99% in 2024; all directors attended the 2024 annual meeting .
- Skills matrix: Garcia contributes risk management, strategic planning & operations, human capital management, consumer/marketing/digital, corporate governance, environmental & social responsibility, and international experience .
Fixed Compensation
| Component | Amount ($) | Notes |
|---|---|---|
| Annual Board Cash Retainer (2024) | 100,000 | Paid quarterly in arrears |
| Committee Chair Retainer – Finance | 25,000 | Not applicable to Garcia (member, not chair) |
| Meeting Fees (2024) | 2,000 per meeting in excess of 12 | Applies to Board/committee meetings beyond threshold |
| Bank Board additional retainer | 10,000 | For Bank Board service (members listed; Garcia not listed) |
| Fees Earned by Garcia (2024) | 66,944 | As reported; may include deferrals |
Compensation program changes (effective Apr 1, 2025): discontinue meeting fees; increase annual stock award to $265,000; increase cash retainer to $110,000; increase GNC chair retainer to $35,000 .
Performance Compensation
| Equity Component | Grant Date | Value ($) | Units/Details |
|---|---|---|---|
| Annual RSRs (Directors elected at 2024 annual meeting) | Apr 30, 2024 | 240,000 | Converted to RSRs; mandatorily deferred until leaving Board |
| Garcia 2024 Stock Award (reported) | 2024 | 245,941 | Stock award value as disclosed |
| Initial election grant to Garcia | 2024 | N/A | 100 shares of common stock upon election |
| Deferral Program interest rate | 2024 | 3.96% | Interest-bearing cash deferral accounts |
| Options outstanding (Directors) | Dec 31, 2024 | None | No outstanding options for non-employee directors |
No director performance metrics (e.g., TSR, EBITDA) are tied to non-employee director compensation at Wells Fargo; awards are time-based RSRs with mandatory deferral .
Other Directorships & Interlocks
| Company | Relationship | Potential Interlock/Conflict Consideration |
|---|---|---|
| Arrow Electronics, Inc. | Prior director | No current interlock disclosed at WFC; Board independence affirmed |
| Kimberly-Clark Corporation | Prior director | No current interlock disclosed |
| Revlon, Inc. | Prior director | No current interlock disclosed |
| Unilever PLC | Current operating executive | Board reviewed relationships and affirmed independence; no related-party transactions disclosed in proxy |
Expertise & Qualifications
- Risk management from leading business units and prior public company CEO experience; consumer/retail perspective relevant to Wells Fargo’s growing consumer focus .
- International operations and strategic planning across global brands; digital/e-commerce leadership and ESG initiatives experience .
- Human capital management from senior leadership; compensation committee experience in prior service .
- Skills matrix designations: Risk Management; Strategic Planning/Operations; Human Capital; Consumer/Marketing/Digital; Corporate Governance; Environmental & Social Responsibility; International .
Equity Ownership
| Holder | Common Stock Owned (#) | Unvested Common Stock Units (#) | Other Common Stock Units (#) | Total Beneficial Ownership (#) | Additional Common Stock Units (#) | Total incl. Additional (#) |
|---|---|---|---|---|---|---|
| Fabian T. Garcia | 100 | — | — | 100 | 5,210 | 5,310 |
- Ownership %: None of the directors individually own more than 1% of outstanding common stock .
- Stock ownership policy: After 5 years, directors must own 5x annual cash retainer; deferred shares count toward compliance. Directors with <5 years are on track to meet guidelines .
Insider Trades (Form 4, recent)
| Filing Date | Transaction Date | Type | Security | Quantity | Price | Post-Transaction Ownership | SEC Link |
|---|---|---|---|---|---|---|---|
| 2025-05-01 | 2025-04-29 | A (Award) | Common Stock Units | 3,728 | 0 | 7,868.0282 | https://www.sec.gov/Archives/edgar/data/72971/000112760225012996/0001127602-25-012996-index.htm |
| 2025-01-03 | 2025-01-01 | A (Award) | Phantom Stock Units | 355.9226 | 0 | 1,092.687 | https://www.sec.gov/Archives/edgar/data/72971/000112760225000459/0001127602-25-000459-index.htm |
- Section 16(a) compliance: One late filing by Garcia related to deferral of a quarterly retainer; subsequently filed .
Governance Assessment
- Board effectiveness: Garcia adds consumer/marketing, international, and human capital expertise to the Finance Committee, which oversees interest rate/investment risk, capital planning, stress testing, liquidity, dividends, repurchases, and capex approvals; the committee met 8 times in 2024, with independent membership . High overall attendance (>99%) supports active oversight .
- Independence and conflicts: The Board’s 2025 independence review affirmed Garcia’s independence after considering banking, commercial, charitable, familial, and affiliated relationships; no related-party transactions or conflicts disclosed for Garcia in the proxy .
- Compensation alignment: Director pay is balanced between fixed cash ($100,000) and deferred equity ($240,000 RSRs), with mandatory deferral and stock ownership guidelines (5x cash retainer after 5 years), fostering alignment. Garcia’s 2024 total was $312,885 (fees $66,944; stock $245,941) .
- Ownership: Early-tenure direct ownership is modest (100 shares), but additional 5,210 stock units through deferrals/awards contribute to guideline tracking; none of the directors exceed 1% ownership .
- RED FLAGS:
- Late Section 16(a) filing: one late Form 4 for deferral transaction (procedural, promptly addressed) .
- Low direct share count (early tenure): mitigated by mandated deferral and ownership policy on-track status .
Committee focus implications: Participation on the Finance Committee signals direct oversight of Wells Fargo’s capital adequacy, stress testing, and liquidity—areas tied to regulatory milestones and shareholder returns (dividends/repurchases). This role aligns Garcia’s consumer-market perspective with risk and capital frameworks, supporting investor confidence in governance of balance sheet and capital actions .