Wells Fargo Exiting General Counsel Allen Parker to Take Home $8.3M
Parker fared better than former CEO Tim Sloan, whose $15 million stock award was canceled and who received no severance pay when he resigned under pressure last year.
March 17, 2020 at 04:36 PM
3 minute read
Wells Fargo's general counsel Allen Parker. Courtesy photo.
Former Wells Fargo & Co. general counsel Allen Parker, who is leaving the bank March 31, earned $8.3 million for his 2019 work, according to the definitive proxy statement filed Monday.
The San Francisco-based bank filed its statement with the U.S. Securities and Exchange Commission in advance of its April 28 board meeting, when it will vote on the executive compensation packages. Parker, who was not available for comment Tuesday, was hired as general counsel in 2017 but spent most of 2019 serving as interim CEO.
Parker's pay package includes $1.78 million in base salary, nearly $1.3 million in a cash annual incentive, $1.6 million in performance shares, $1.6 million in restricted stock plus another $2 million in restricted stock granted to him as interim CEO. A company spokesman referred questions to the proxy document.
The proxy statement did not disclose the pay of newly hired general counsel Ellen Patterson, who is scheduled to join the bank next week.
Parker fared considerably better than former CEO Tim Sloan, who resigned under pressure last March. The filing showed that the Wells Fargo board canceled $15 million in stock it had awarded Sloan last year.
Sloan also received no severance payment from the company. The Wells Fargo board promoted Sloan after the previous CEO was ousted and civilly charged for his role in creating millions of fake bank accounts in customers' names without their consent. The bank paid a $3 billion penalty for the wrongdoing.
Regulators criticized Sloan's lack of progress on reforms demanded by five consent orders signed by the bank covering various misconduct. The board apparently agreed with that assessment in refusing to award his stock or any severance pay.
The bank's new CEO, Charles Scharf, has been in place for just four months. But the board is recommending a $23 million pay package for him.
That amount includes $2.5 million in base salary, $5 million bonus and $15.5 million in performance shares of stock. The package was hefty in order to lure Scharf away from the Bank of New York Mellon, where he had been CEO.
Wells Fargo estimated that Scharf's annualized total compensation was 550 times that of a median Wells Fargo employee.
In the proxy statement, the bank recommended approving the executive compensation plan. It also recommended voting against three shareholder proposals, including one seeking more information on the median gender pay gap.
The resolution would require the company to make public any wage gaps between male and female employees across race and ethnicity, including base, bonus and equity compensation.
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