Robert Galbraith/Reuters Cable car passes Wells Fargo bank building in San Francisco
- Wells Fargo announced Friday that Charles Scharf of BNY Mellon will be its new CEO.
- A filing revealed that Scharf was offered a 40% salary bump - to $23 million - for the top position at the bank, Bloomberg reported.
- Here's a breakdown of the full salary package.
- Read more on Business Insider.
Charles Scharf is getting a significant pay bump to be the next CEO of Wells Fargo, and it may have helped the scandal-ridden bank win him over.
Scharf's annual target compensation - which includes base pay plus incentives - is $23 million, according to a filing from the bank Friday. That's a 40% bump from what he was entitled to in his last year at BNY Mellon, Bloomberg reported.
It's also much more than Wells Fargo's last two CEOs were paid, according to the report. Former CEO John Stumpf, who retired amidst the 2016 account scandal, had a $19.3 million target compensation in his final year at the bank. Tim Sloan, the former CEO who left in March, had a $18.4 million target compensation.
Wells Fargo announced Friday that Scharf would step into the top leadership position beginning October 21. The change comes after six months were the bank struggled to fill the CEO position.
Here's a breakdown of Scharf's salary package at Wells Fargo:
- $2.5 million base salary.
- $5 million target cash bonus.
- $15.5 million in equity.
- $26 million Wells Fargo stock, in lieu of awards he will forfeit for leaving his job at BNY Mellon.
- The contract also entitles Scharf to a car, driver, and home security systems.
- He will also be allowed to keep his primary residence in New York instead of relocating to San Francisco, where Wells Fargo is headquartered.
