Wells Fargo Awards CEO John Stumpf $19.8 Million Pay Package
Wells Fargo & Co. (WFC) gave Chairman and Chief Executive Officer John Stumpf compensation valued at $19.8 million in 2011 as the company posted record profit and became the U.S. bank with the highest market value.
Stumpf got a 4.6 percent raise from 2010, the company said in a regulatory filing today. The package included $2.8 million in salary, $12 million in stock awards and a $3.1 million annual incentive, with $1.9 million from changes in a retirement account, the San Francisco-based company said.
“Stumpf’s leadership has been a vital ingredient to the company’s 2011 success in achieving strategic priorities,” according to the filing. “Among other things, Mr. Stumpf’s 2011 leadership resulted in successful completion of the Wachovia merger integration.”
Wells Fargo became the largest U.S. bank by market value as it reported record profit of $15.9 billion. The shares dropped 11 percent last year, less than the 22 percent fall for JPMorgan Chase & Co. and Bank of America Corp.’s 58 percent decline. Earlier this week, Wells Fargo passed U.S. stress tests and raised its dividend 83 percent.
Stumpf was paid a total of $19 million in 2010, including $3.2 million in salary and $11 million in stock awards, the company said a year ago. Wells Fargo, with a market value of about $180 billion, has risen almost 24 percent this year.
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