Wells Fargo Awards Stumpf $1 Million in Restricted SharesMichael J. Moore
Wells Fargo & Co., 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.