Wells Fargo’s board is clawing back a $15 million stock bonus it gave to former CEO Tim Sloan last year, according to a proxy filing. The filing also shows Sloan received no severance from the bank when he stepped down in March 2019, after about two and a half years in the role, though he did have $1.6 million in compensation for 2019.
The board’s compensation committee “took into account, in addition to the timing of his resignation, the company’s performance … the status of the company’s risk management objectives and outstanding regulatory matters, including the progress that continued to be required on both at the time of his resignation,” it said in the filing.
Sloan was replaced by Charles Scharf, who took over in October 2019. Scharf’s annual pay was $23 million in 2019, the bank’s filing said.
News of the $15 million clawback comes just a few weeks after Wells Fargo agreed to pay the Securities and Exchange Commission and Department of Justice a $3 billion settlement over its fake-accounts scandal.