Wells Fargo CEO Resigns

With a potential $134.1 million in stock value, pensions, and deferred compensation.

The news sites are calling this “unexpected” and “abrupt,” but… did we not see this coming? I’m a little surprised it took a full month, honestly.

Wells Fargo Chief Abruptly Steps Down

The scandal engulfing Wells Fargo toppled its chairman and chief executive on Wednesday, as John G. Stumpf announced his departure from the company, effective immediately.

Wells Fargo CEO retires under fire

While Stumpf doesn’t receive a special retirement payout, executive-pay tracker Equilar estimates he’ll walk with $134.1 million. The package remains that large even after Stumpf last month agreed to a $41 million clawback following a grilling he received from the Senate Banking Committee reprimanding him for not taking responsibility. He agreed to give up unvested stock, but still owns shares vested in previous years.

The NYT clarifies that this $134.1 million comes from stock, a $20 million pension, and $4.3 million in “deferred compensation.”

This is where I’d usually end with “discuss,” but we knew this was inevitable, right? You could write a short poem:

When companies get fined,

CEOs resign.

Let’s see what happens with Comcast.

Comcast Must Pay $2.3 Million Fine for “Negative Option Billing”

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