March 18 Wells Fargo & Co Chief
Executive Officer John Stumpf earned $19.3 million in 2013,
identical to what he took home a year earlier, according to a
filing with the U.S. Securities and Exchange Commission on
David Hoyt, Wells Fargo's head of wholesale banking, was the
second-highest paid executive behind Stumpf. Hoyt was awarded
$11.04 million in compensation, up about 4 percent from the
$10.65 million he earned in 2012.
Other executives also received small raises. David Carroll
and Avid Modjtabai, the respective heads of Wells Fargo's
wealth, brokerage and retirement division and its consumer
lending division, each were given $8.8 million pay packages in
2013, 5 percent higher than a year earlier.
Finance chief Tim Sloan took home $8.8 million, and retail
banking head Carrie Tolstedt received $8.7 million, roughly the
same as their 2012 compensation packages.
Wells Fargo recorded an annual profit of $21.9 billion in
2013, a 16 percent increase from 2012's profit of $18.9 billion.
As in 2013, shareholders brought forward proposals to
require the chairman of Wells Fargo's board of directors to be
independent and for the bank to commission an independent review
of its mortgage-servicing and foreclosure practices.
Both matters will be brought to a vote at the bank's annual
shareholder meeting on April 29 in San Antonio, Texas. Similar
proposals were voted down at the 2013 meeting.