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Wells Fargo CEO Forfeits $41 Million as Board Orders Review | Tony Seruga
Sep
27

Wells Fargo CEO Forfeits $41 Million as Board Orders Review

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Wells Fargo CEO John Stumpf Testifies To Senate Banking Committee Over Alleged Misconduct

John Stumpf testifies before the Senate Committee on Sept. 20.

Photographer: Pete Marovich/Bloomberg
  • ‘We are deeply concerned by these matters,’ lead director says
  • Board may seek more actions against executives after inquiry

Wells Fargo & Co. Chief Executive Officer John Stumpf will forfeit $41 million of stock, plus some salary, as the bank’s board investigates how employees opened legions of bogus accounts for customers, a scandal that set off a national political furor.

Former community banking chief Carrie Tolstedt has left the company, will forgo unvested stock valued at about $19 million, and agreed not to cash in outstanding options during the review, the San Francisco-based lender said Tuesday in a statement. Neither Stumpf nor Tolstedt will receive a bonus for this year…

Wells Fargo CEO Forfeits $41 Million as Board Orders Review

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