Wells Fargo gives $10M stock award to CEO, $5M to CFO
Portland Business Journal - by Steven E.F. Brown Contributing Writer
MEDIA
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On Christmas Eve, Wells Fargo & Co. put share incentives into four top executives’ stockings. They vest in three years and could be worth more than $10 million for CEO John Stumpf.
Stumpf’s 379,600 “retention performance shares” are worth $10.3 million at today’s stock price.
Chief Financial Officer Howard Atkins got 189,800 shares, worth $5.2 million at today’s stock price.
David Hoyt, head of wholesale banking, and Mark Oman, head of home and consumer finance, also got 189,800 shares.
The awards vest in the first quarter of 2013, and can be adjusted up or down depending on the bank’s performance. If the bank does well, the number of shares awarded could be increased by half. But if the bank does poorly enough — based on a calculation of return upon equity and comparison to 24 other companies — the executives could get no stock awards in 2013 at all.
Between now and 2013, dividends will be paid in the form of more performance shares.
If one of the executives “terminates his employment” with the San Francisco bank (NYSE: WFC), he’ll lose the award. But he can still receive the shares under certain conditions if he retires before they vest.
If the executive dies or is permanently disabled, the shares vest at once.
According to a New Year’s Eve regulatory filing, the awards are to encourage each executive “to remain in the Company’s employment and provide valuable services to the Company.”
Wells Fargo is the fourth-largest banking operation in Oregon and has more than 60 branches in the Portland area, 179 total locations in Oregon and Southwest Washington, and 5,858 employees in Oregon and Southwest Washington.
The bankers on Wall Street run this country lock stock & barrel. Ross Perot was on the money years ago when he begged this govt not to sell us out to China. I doubt this country will survive this new President who is taking us down piece by piece. As if Bush the idiot was not bad enough. I would take the idiot back. At least the idiot had a back bone.
Posted by: F.T. | January 01, 2010 at 01:34 AM
I AM going to "barf!"
Posted by: John Hart | January 01, 2010 at 05:20 AM
You can complain all you want but the only way to send a message to these greedy big banks is to take our money OUT and place it with locally owned, community banks. Check out this movement and video. Outstanding...
http://moveyourmoney.info/
Who is your money with?
Posted by: Doug Fish | January 01, 2010 at 10:22 AM