NEW YORK, March 15 Wells Fargo & Co's
board of directors awarded Chief Executive Timothy Sloan $12.8
million for his work last year, a 17 percent increase, according
to a securities filing on Wednesday.
Sloan was CEO for only a few months in 2016, having taken
over the helm after former CEO John Stumpf resigned in light of
a scandal over the bank's sales practices. He had previously
been president and chief operating officer.
Sloan's compensation rose despite the board's decision not
to award him or other top executives bonuses in light of the
scandal, which involved thousands of employees opening perhaps
millions of accounts in customers' names without their
permission over a period of years.
Sloan's package was less than the $19.3 million Stumpf
received as CEO the prior year.
(Reporting by Lauren Tara LaCapra. Editing by Carmel Crimmins)