Wells Fargo CEO receives pay bump despite sales scandal

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Wells Fargo CEO receives pay bump despite sales scandal

Wells Fargo CEO receives pay bump despite sales scandal

Reuters-

Wells Fargo & Co’s board of directors awarded Chief Executive Timothy Sloan $12.8 million for his work last year, a 17 percent increase, despite scrapping executive bonuses in light of an accounts scandal that rocked the bank last year, according to a proxy filing on Wednesday.

Sloan was CEO for only a few months in 2016. He took over after his predecessor, John Stumpf, resigned in light of revelations that thousands of Wells Fargo employees had opened perhaps millions of unauthorized customer accounts.

Sloan, 56, had been president and chief operating officer until October. Though his promotion came with a higher base salary and more long-term stock awards, his total package was less than the $19.3 million Stumpf received for 2015.

[REUTERS]

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