In granting the retention performance shares, the board took into consideration the need for the continued leadership of these executives as Wells Fargo further integrates Wachovia into its operations, and navigates through and beyond the current economic recession.
The board approved retention performance shares for:
- John Stumpf, president and CEO, of a target of 379,600 shares, having a current value of approximately $10 million;
- Howard Atkins, a senior executive vice president and chief financial officer of the Company; Dave Hoyt, a senior executive vice president and head of Wholesale Banking; and Mark Oman, a senior executive vice president and head of Wells Fargo Home and Consumer Finance, of a target of 189,800 shares, having a current value of approximately $5 million.
“We believe we have the very best leadership team in financial services today and a key to retaining that talent for the long-term is to compensate our senior leaders competitively and to align their interests with those of our shareholders,” said Steve Sanger, chair of the board’s Human Resources Committee and retired chairman and CEO of General Mills, Inc. “They’re leading the Company through the largest merger integration in U.S. banking history, and they have played key roles in generating record profits in the first three quarters of 2009, despite the challenging economy. Given the current challenges impacting the banking industry, Wells Fargo executives, at all levels, are being increasingly and aggressively recruited by competitors. Together these four senior leaders have more than 125 years of experience and retaining them, along with our entire senior management team, is clearly in the best interest of our Company and its shareholders and absolutely essential for the continued long term success of Wells Fargo.”
Wells Fargo & Company is a diversified financial services company with $1.2 trillion in assets, providing banking, insurance, investments, mortgage and consumer finance through more than 10,000 stores and 12,000 ATMs and the internet (wellsfargo.com) across North America and internationally.