Wells Fargo Says Chief Was Paid About $19 Million for 2010 as Shares Rose
Wells Fargo CEO John Stumpf
Brendan Smialowski/Bloomberg
Wells Fargo & Co. Chief Executive Officer John Stumpf.
Wells Fargo & Co. Chief Executive Officer John Stumpf. Photographer: Brendan Smialowski/Bloomberg
Wells Fargo & Co. (WFC), the largest U.S. home lender, paid Chief Executive Officer John Stumpf about $19 million in compensation for 2010, when the bank’s stock climbed 15 percent.
Stumpf, 57, received $3.2 million in salary, $11 million in stock awards and $3.3 million in non-equity incentive compensation, San Francisco-based Wells Fargo said today in a filing. Wholesale-banking chief Dave Hoyt got $12.8 million, while Mark Oman, head of consumer and mortgage finance, was paid $9.7 million.
Wells Fargo was given permission by regulators to raise its dividend last week, when it announced a special 7-cent payout and gained authority to buy back an additional 200 million shares. The Federal Reserve ordered 19 of the largest U.S. lenders to test the performance of their loans, securities and capital against possible economic outcomes under a second round of stress tests.
Wells Fargo declined 7 cents to $31.76 as 3:23 p.m. in New York Stock Exchange composite trading, and has gained about 2.5 percent this year.
Howard Atkins, the former chief financial officer who stepped down last month, received $9.3 million for 2010, including $1.7 million in incentive compensation, Wells Fargo said. The bank announced on Feb. 8 that Atkins was taking an unpaid leave of absence and would retire for personal reasons.
Atkins’ “leadership was a significant factor in the company’s financial success and rigorous stewardship of our stockholders’ investments,” Wells Fargo said in today’s filing.
To contact the reporter on this story: Dakin Campbell in San Francisco at dcampbell27@bloomberg.net
To contact the editor responsible for this story: David Scheer at dscheer@bloomberg.net.
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