Wells Fargo CEO Earned $19.8 Million in 2011
Wells Fargo gave Chairman and Chief Executive Officer John Stumpf compensation valued at $19.8 million in 2011 as the company posted record profit and became the U.S. bank with the highest market value.
Stumpf got a 4.6 percent raise from 2010, the company said in a regulatory filing Thursday. The package included $2.8 million in salary, $12 million in stock awards and a $3.1 million annual incentive, with $1.9 million from changes in a retirement account, the San Francisco company said.
“Stumpf’s leadership has been a vital ingredient to the company’s 2011 success in achieving strategic priorities,” according to the filing. “Among other things, Mr. Stumpf’s 2011 leadership resulted in successful completion of the Wachovia merger integration.”
The CEO gets a huge payoff while Wells Fargo continues to offer some of the worst interest rates and financial incentives for consumers in history. Pretty easy to make record profits when you offer 0.05% rates on CD’s.