Wells Fargo Awards Stumpf $1 Million in Restricted Shares

Wells Fargo & Co. (WFC), the biggest U.S. home lender, gave Chief Executive Officer John Stumpf $1 million in restricted shares as part of his pay for 2013, matching the amount it awarded him a year ago.

Stumpf, 60, received 21,702 restricted shares, the San Francisco-based bank said today in a Securities and Exchange Commission filing. The value is based on the Feb. 25 closing price of $46.08. The restricted stock vests in three annual installments starting March 15 next year.

Stumpf’s complete 2013 compensation package hasn’t been disclosed yet. His total package was $19.3 million for his work in 2012, the majority of which came in long-term performance shares.

To contact the reporter on this story: Michael J. Moore in New York at mmoore55@bloomberg.net

To contact the editor responsible for this story: Peter Eichenbaum at peichenbaum@bloomberg.net

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