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(See exhibit 1, 2, and 3 for a summary of Wells Fargo Financial History.)
In early 1997, recognizing that the future of the electronic commerce "upon us," the Chairman of Wells Fargo, Paul Hazen, decided to form a think-tank to strategize how the company could take advantage of its position as a leader and innovator of the banking industry in order to solidify its position in electronic commerce. On May 21, 1997, Hazen initiated the formation of a new 'Office of the Chairman', organized around 3 major customer segments and central staff groups that support them. The objective was to bring creativity and vision to new innovations...
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