Wells Fargo Claws Back $15 Million of Former CEO's Pay
March 16 2020 - 07:48PM
Dow Jones News
By Ben Eisen
Timothy Sloan, the Wells Fargo & Co. chief executive who
left last year after failing to turn around the troubled lender,
lost $15 million in compensation after he exited.
The company's board of directors decided to claw back that
money, which had been granted to him in early 2019, according to a
regulatory filing released late Monday. The disclosure also said he
left with no severance.
In making its decision, the board took into account the timing
of his resignation, the company's performance and the status of its
outstanding regulatory matters, according to the filing.
Mr. Sloan, a Wells Fargo veteran, took the top job in 2016 as
the bank was reeling from its fake-account scandal, in which it was
revealed to have created perhaps millions of unauthorized
accounts.
He was perpetually in the crosshairs of regulators who believed
he moved slowly to right the ship, The Wall Street Journal has
reported. He resigned shortly after testifying before the House
Financial Services Committee last year.
Democrats in that group released a report this month in which
they said Mr. Sloan gave inaccurate and misleading testimony to the
board. Republicans released their own report criticizing his
leadership and characterizations to Congress.
Mr. Sloan told Congress when he testified last year that he was
moving diligently to address the problems that caused the
scandal.
Mr. Sloan received $1.6 million in compensation last year.
He was replaced by Charles Scharf, who took over in October. Mr.
Scharf's annual pay was $23 million in 2019, the bank said in the
filing.
Write to Ben Eisen at ben.eisen@wsj.com
(END) Dow Jones Newswires
March 16, 2020 19:33 ET (23:33 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
Wells Fargo (NYSE:WFC)
Historical Stock Chart
From Feb 2024 to Mar 2024
Wells Fargo (NYSE:WFC)
Historical Stock Chart
From Mar 2023 to Mar 2024