NEW YORK, March 15 (Reuters) - 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)