Wells Fargo Board Approves CEO Scharf's Total Compensation Of $31.2 Mln For 2024

(RTTNews) - Wells Fargo & Company (WFC) announced that the independent members of the Board of Directors approved CEO and President Charles Scharf's total compensation of $31.2 million for 2024. His compensation consists of a base salary of $2.5 million, and total variable compensation of $28.7 million, which is comprised of $7.2 million in cash and $21.5 million in long-term equity, including 65% in Performance Share awards and 35% in Restricted Share Rights awards.

The Board noted Scharf's strong leadership in: making significant progress in strengthening the company's risk and control infrastructure; driving strong financial performance; delivering company reported earnings per share of $5.37, an 11% increase from 2023; and returning approximately $25 billion of capital to shareholders, including increasing its quarterly common stock dividend per share by 15%.