Wells Fargo CEO forfeits stock awards worth $41 million as company launches probe

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Wells Fargo CEO forfeits stock awards worth $41 million as company launches probe

Wells Fargo CEO forfeits stock awards worth $41 million as company launches probe

CNN MONEY-

Wells Fargo CEO John Stumpf will forfeit much of his 2016 salary — including his bonus and $41 million in stock awards — as the bank launches a probe into its phony accounts scandal.

The fallout from the controversy has also resulted in its first major executive departure. Carrie Tolstedt, who headed the division that created the fake accounts, has left the company. Tolstedt was planning on retiring at the end of 2016, but she has exited the company ahead of schedule.

 She will not receive a bonus or severance, and she’ll forfeit all of her $19 million worth of unvested equity awards.
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image: Well Fargo
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