Wells Fargo’s board will possible acquire even more action on the bank’s former head of the local community financial institution, Carrie Tolstedt, and her all of her selections could be clawed back.
Tolstedt retired previous 12 months and gave up $19 million of unvested selections in the process. Based mostly on conversations with sources and revelations in the proxy assertion, CNBC has discovered that when Tolstedt was permitted to “retire” previous 12 months, it was on the settlement that all of her remaining selections — whether vested and readily available to workout or not — could be clawed back at a later on date if the board considered healthy.
The value of individuals selections at present day share selling price is $fifty three.six million. It is possible the complete sum will be taken back.
Wells Fargo was not able to comment on the evaluate. Legal illustration for Tolstedt was not right away readily available.
The final effects of the board evaluate are thanks in advance of the yearly standard meeting for shareholders on April 25, and possible to arrive a 7 days or two in advance of that.
Although the proxy assertion confirmed individuals selections were being readily available for the board to claw back, the same was not reported for former CEO John Stumpf’s superb selections.
The reality that present-day CEO Tim Sloan obtained a inventory bonus on Wednesday would look to signal that repercussions for him are in excess of.
View: WFC CEO gets a elevate