Wells Fargo Boosts Stock Pay For CEO, 3 Other Executives

[Amerigo Vespucci]

Source: CNN Money

Wells Fargo & Co. (WFC) increased its annual salary for President and Chief Executive John Stumpf and three other executives in the form of stock.

The board of directors approved the salary increases for Stumpf, who has served as CEO for a little over two years, and the other three executives on Thursday. The San Francisco bank said the stock can't be sold until the $25 billion it received under the Troubled Asset Relief Program is repaid.

Steve Sanger, chairman of the human-resources committee on Wells Fargo's board, said the executives are "leading the company through the largest merger integration in U.S. banking history, and earned record profits in the first two quarters of 2009 despite a challenging environment." Wells Fargo closed its acquisition of Wachovia at the start of the year.

The company added the changes set the salaries close to the average pay for similar executives at Wells Fargo's peers, even though its results have been " consistently at or near the top of its peer group."

Read more: http://money.cnn.com/news/newsfeeds/articles/djf500/200908060949DOWJONESDJONLINE000634_FORTUNE5.htm

[Oregone]

1. Is stock pay taxable?

[thelordofhell]

2. The board of directors must be dumb as a box of rocks

Yeah, the current guys are making a profit and transitioned their new acquisition......with the help of 25 BILLION DOLLARS FROM THE GOVERNMENT!!

Hey, I got and idea you BODiots, why don't you give more money back to the government for being such good guys and letting you take 25 billion that helped stabilize your damn assets and got you out of the red.....asshats.