Wells Fargo (WFC) has released an update.
Wells Fargo & Company announced that their CEO and President, Charles W. Scharf, will receive $29 million for his 2023 performance, matching his target compensation from 2022. Despite improvements in the company’s financial performance and progress in key areas, Scharf recommended a lower compensation than the potential $30.3 million, emphasizing the need for continued work. His compensation includes a $2.5 million base salary and $26.5 million in variable compensation, with a mix of cash and equity awards. The Board endorsed Scharf’s leadership and contribution to the company’s transformation, with further details to be disclosed in the upcoming proxy statement.
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