Ex-CEO John Stumpf left Wells Fargo with his image in tatters, forfeited more than $70 million and now faces a huge fine. But his nest egg is intact.
John Stumpf left Wells Fargo & Co. with his image in tatters, lost more than $70 million through forfeitures and a clawback and now faces a government fine and a lifetime ban from the financial industry.Even after subtracting the clawback and forfeitures, the bank’s former chief executive officer stepped away with stock worth more than $80 million, according to calculations by Bloomberg.
While Stumpf’s nest egg is big, his pay during his nine-year term as CEO was hardly outsized when compared with that of other banking chiefs. And although he was subject to a clawback — a measure that’s rarely used on public-company executives — there’s no precedent among U.S. companies to attempt to recoup an executive’s salary because of wrongdoing.
In September of that year, Stumpf was berated by lawmakers in two hearings on Capitol Hill, with many of them calling for his resignation. Weeks later, he stepped down.
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