Wells Fargo suspends bonuses for top executives
Wells Fargo & Co's board has suspended its bonus policy for Chief Executive John Stumpf and its other top executives, according to a Securities and Exchange Commission filing on Friday.
By Agencies |
NEW YORK: Wells Fargo & Co's board has suspended its bonus policy for Chief Executive John Stumpf and its other top executives, according to a Securities and Exchange Commission filing on Friday.
Wells Fargo's board suspended the policy on Tuesday, retroactive to Jan. 1, 2009.
The suspension applies to Chief Executive John Stumpf, Chairman Richard Kovacevich, Chief Financial Officer Howard Atkins and Senior Executive Vice Presidents David Hoyt and Mark Oman.
Wells Fargo said the executives will not receive cash bonuses for 2008 either, because the company has not met its performance goals.
At the same time, Wells Fargo granted 127,937 restricted share rights to Atkins, 147,928 restricted share rights to Hoyt and 147,928 restricted share rights to Oman.
Each restricted share right, or RSR, entitles the executive to receive one share of Wells Fargo common stock upon vesting. The RSRs will vest in three installments in 2012, 2013 and 2014, under certain conditions.
Wells Fargo also plans to boost the annual base salaries of Atkins and Hoyt to $700,000 from $600,000 on March 1.
Earlier this month, Wells Fargo revised its fourth-quarter loss due to a new $328.4 million charge related to losses on investments. The San Francisco-based bank said its loss for the quarter widened to 84 cents per share from a previously reported 79 cents per share.
Wells Fargo's board suspended the policy on Tuesday, retroactive to Jan. 1, 2009.
The suspension applies to Chief Executive John Stumpf, Chairman Richard Kovacevich, Chief Financial Officer Howard Atkins and Senior Executive Vice Presidents David Hoyt and Mark Oman.
Wells Fargo said the executives will not receive cash bonuses for 2008 either, because the company has not met its performance goals.
At the same time, Wells Fargo granted 127,937 restricted share rights to Atkins, 147,928 restricted share rights to Hoyt and 147,928 restricted share rights to Oman.
Each restricted share right, or RSR, entitles the executive to receive one share of Wells Fargo common stock upon vesting. The RSRs will vest in three installments in 2012, 2013 and 2014, under certain conditions.
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Wells Fargo also plans to boost the annual base salaries of Atkins and Hoyt to $700,000 from $600,000 on March 1.
Earlier this month, Wells Fargo revised its fourth-quarter loss due to a new $328.4 million charge related to losses on investments. The San Francisco-based bank said its loss for the quarter widened to 84 cents per share from a previously reported 79 cents per share.
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