Wells Fargo keeps pay for CEO flat at $19.3M

AP News
Posted: Mar 18, 2014 5:59 PM

MINNEAPOLIS (AP) — Wells Fargo kept its pay for CEO John Stumpf unchanged at $19.3 million last year, saying he has led the company well and reduced risk.

A company filing on Tuesday shows that Stumpf received base pay of $2.8 million, stock awards of $12.5 million and incentive pay of $4 million, which was awarded last month based on his performance last year.

The San Francisco-based company says it set his incentive pay after taking into account a record profit last year of $21.9 billion, as well as other goals such as managing its risk and cutting costs while looking for new ways to increase revenue.

The AP's calculation counts salary, bonuses, perks and stock and options awarded to the executive during the year.