Since that Senate hearing, the Wells Fargo board of directors has taken steps to roll back the CEO’s compensation and that of the executive responsible for overseeing bank sales. In a regulatory filing Wednesday, the board reported that Stumpf would forfeit $41 million in unvested equity awards. Carrie Tolstedt, the Wells Fargo executive in charge of the bank’s retail business, would give up $19 million in equity awards while also leaving the bank immediately, rather than retiring at the end of the year.
The board also announced that it had hired Shearman & Sterling to conduct an independent investigation into the bank’s retail sales practices. During that investigation, Stumpf will not receive a salary, and Tolstedt will not be able to exercise any “outstanding options.” Neither executive will receive a bonus for 2016.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
