Wells Fargo

(WFC) - Get Wells Fargo & Company Report

said Chairman Paul Hazen has decided to retire from the board after the April 24 meeting of directors.

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Hazen became chairman and chief executive in 1995. Since November 1998, he has served only as chairman. President and CEO Dick Kovacevich will take over as chairman. Hazen has been with the company for 31 years.

Shares of Wells Fargo, a bank and financial services holding company based in San Francisco, lost 6 cents, or 0.1%, to $49.56 in recent

New York Stock Exchange