Wells Fargo chairwoman resigns ahead of scheduled testimony Wells Fargo Board Chairwoman Elizabeth Duke and director James Quigley are leaving the company

NEW YORK -- Wells Fargo Board Chairwoman Elizabeth Duke and director James Quigley are leaving the company.

The announcement Sunday arrived less than a month after the bank agreed to pay a $3 billion fine related to its long-running practice of opening unauthorized bank accounts to meeting unrealistic sales goals.

Duke has served as chair since January 2018. She had been vice chair from October 2016 to December 2017.

Quigley has been on board since 2013.

Executives at the San Francisco bank were scheduled to testify before the House Financial Services Committee this week.

"As the markets face increasing volatility, a strong Wells Fargo is needed now more than ever," Duke and Quigley said in a joint statement. “Out of continued loyalty to Wells Fargo and ongoing commitment to serve our customers and employees, we recommended to our colleagues on the board that we step down from our leadership roles and they have accepted our resignation.”

Wells Fargo & Co. named Charles Noski as chairman. The retired bank executive has served on the board since June.