8-KLeadership ChangesExhibits & Filings

WELLS FARGO & COMPANY/MN 8-K Report, Executive Changes (Dec 2, 2019)

Filed December 2, 2019For Securities:WFCWFC-PDWFC-PCWFC-PYWFC-PAWFC-PLWFCNPWFC-PZ

Summary

Wells Fargo & Company announced a significant leadership change with the appointment of Scott E. Powell as its new Chief Operating Officer (COO), effective December 9, 2019. Mr. Powell brings extensive experience from senior roles at Santander Holdings USA and previously at JPMorgan Chase & Co. His appointment signals a strategic move to bolster the operational capabilities of the bank, particularly in the wake of ongoing regulatory scrutiny and a need for enhanced risk management and efficiency. Investors should monitor how Mr. Powell's leadership impacts the company's operational execution and strategic initiatives. The compensation package for Mr. Powell includes a substantial base salary, annual and long-term incentive awards, a significant signing bonus, and restricted share rights. This reflects the company's investment in experienced leadership to drive improvements. The details of his compensation, including a $3.2 million signing bonus and $7.5 million in restricted share rights vesting over four years, underscore the importance Wells Fargo places on securing executive talent to navigate its current challenges and future growth objectives.

Key Highlights

  • 1Appointment of Scott E. Powell as Chief Operating Officer (COO) effective December 9, 2019.
  • 2Mr. Powell has a strong background, having held senior executive positions at Santander Holdings USA and JPMorgan Chase & Co.
  • 3Powell's compensation includes a base salary of $1,750,000 annually.
  • 4He is eligible for annual incentives ranging from 0% to 150% of base salary, with a target of 100%.
  • 5Long-term incentive awards are targeted at an aggregate value of $5,500,000 annually.
  • 6Powell will receive an upfront cash signing bonus of $3,200,000.
  • 7A Restricted Share Rights (RSRs) award valued at $7,500,000, vesting over four years, is also part of his compensation package.

Frequently Asked Questions

Scott E. Powell has been appointed as the new Chief Operating Officer (COO) of Wells Fargo & Company, effective December 9, 2019. He is a seasoned executive with significant experience in the financial services industry, having previously held senior leadership roles at Santander Holdings USA and JPMorgan Chase & Co.

Mr. Powell's compensation includes an annual base salary of $1,750,000. He is also eligible for annual incentive awards (0-150% of base salary, target 100%) and long-term incentive awards with a target value of $5,500,000. Additionally, he will receive an upfront cash signing bonus of $3,200,000 and $7,500,000 in restricted share rights vesting over four years.

The appointment of a COO with extensive operational experience from other major financial institutions signals Wells Fargo's commitment to strengthening its operational efficiency and risk management. This move is crucial as the company continues to navigate regulatory challenges and focus on improving its internal processes and controls.

Mr. Powell's appointment as Chief Operating Officer is effective as of December 9, 2019.