Wells Fargo CEO Forfeits $41 Million as Board Orders Review

Wells Fargo & Co. Chief Executive Officer John Stumpf will forfeit $41 million of stock, plus some salary, as the bank’s board investigates how employees opened legions of bogus accounts for customers, a scandal that set off a national political furor. Former community banking chief Carrie Tolstedt has left the company, will forgo unvested stock valued at about $19 million, and agreed not to cash in outstanding options during the review, the San Francisco-based lender said Tuesday in a statement. Neither Stumpf nor Tolstedt will receive a bonus for this year. “We are deeply concerned by these matters, and we are committed to ensuring that all aspects of the company’s business are conducted with integrity, transparency and oversight,” Stephen Sanger, the board’s lead independent director, said in the statement. “We will proceed with a sense of urgency but will take the time we need to conduct a thorough investigation.”

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