Wells Fargo & Co disclosed in a new regulatory filing that the company had reduced the base salary of the company’s CEO, John Stumpf, to $2.8 million, down from his previous base salary of $5.6 million.
According to the filing, the action was taken on February 23rd by the Board of Directors Human Resources Committee. The new base salary will be paid entirely in cash, compared to his prior base salary, which was paid partially in the form of common stock that was granted under his Long-Term Incentive Compensation Plan. The new annual base salary is effective as of March 1st.
Wells Fargo & Co’s new base salary for its Senior Executive Vice President and Chief Financial Officer Howard Atkins is $1.7 million, which is down from his previous base salary of $3.3 million.
David Hoyt, Senior Executive Vice President and head of Wholesale Banking, and Mark Oman, Senior Executive Vice President and head of Home and Consumer Finance, will each get annual base salary of $2 million.
David Carroll, Wells Fargo’s Senior Executive Vice President and head of Wealth Management, Brokerage and Retirement has been given a raise to $1.5 million, up from his previous base of $700,000.
