Wells Fargo CEO Received $12.83 Million Pay Package for 2016
March 15 2017 - 5:36PM
Dow Jones News
By Emily Glazer
Wells Fargo & Co. awarded Chief Executive Timothy Sloan
$12.83 million in compensation for 2016 after he took over the
embattled bank this fall following its sales practices scandal.
Mr. Sloan received $2.33 million in base pay, with a bonus that
included shares valued at $10.5 million.
He, along with seven other executives, didn't receive a cash
bonus this year compared with $1 million Mr. Sloan received for
2015 and the $4 million that his predecessor John Stumpf received
in cash bonus that year.
The lack of cash bonus along with up to 50% reduction in certain
stock awards for 2016 was meant to reflect the $185 million fine
the bank paid last fall for opening as many as 2.1 million accounts
using fictitious or unauthorized customer information.
Wells Fargo has since faced public and political criticism, as
well as state and federal investigations.
Mr. Sloan's pay package for 2016 was the lowest of major U.S.
bank executives. He received $11 million in total pay in 2015, a
year when he oversaw the bank's wholesale unit and was also
promoted to president and chief operating officer toward the end of
the year.
His predecessor Mr. Stumpf received $19.3 million in 2015 and
just a base salary of $2.07 million in 2016. He abruptly retired in
October following the scandal and two congressional grillings. The
board clawed back in late September around $41 million of his
pay.
The compensation of Wells Fargo's top executives has sometimes
paled in comparison with Wall Street chiefs that run large trading
and merger-advisory operations. But the gap had closed in recent
years.
Write to Emily Glazer at emily.glazer@wsj.com
(END) Dow Jones Newswires
March 15, 2017 17:21 ET (21:21 GMT)
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