Wells Fargo CEO forfeits millions as board orders review

Wells Fargo CEO forfeits millions as board orders review
 

Wells Fargo & Co said on Tuesday that Chief Executive Officer John Stumpf will forfeit unvested equity awards worth about $41 million and will not get a salary while the company's board investigates the bank's sales practices.
Carrie Tolstedt, the former head of the retail division at the centre of a burgeoning sales scandal, has left the company ahead of her planned Dec. 31 retirement date, will get no severance and has forfeited unvested equity awards worth about $19 million, the bank said. Stumpf and Tolstedt will also not receive bonuses for 2016.
The penalties represent one of the... read more

 
28 September 2016 in Business, Views: 59
Source: Reuters
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