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Wells Fargo’s (NYSE:WFC) board intends to add chairman to CEO Charlie Scharf’s role and awarded him a special equity grant of $30M in restricted share rights and 1.046M stock options, the company said on Thursday.
Once Scharf becomes chairman, the board will name a lead independent director.
“The special equity award is designed to acknowledge Charlie’s role in leading Wells Fargo through an unprecedented transformation, creating shareholder value and positioning the company for the future,” said current Chairman Steven Black.
The expanded role and award comes after the Federal Reserve lifted its asset cap on the bank in June, after seven years in place. The restriction on Wells Fargo’s (NYSE:WFC) growth was placed on the bank in 2018 as a punishment for the bogus account scandal that came to light in 2016 and other deceptive sales practices.
Scharf joined Wells Fargo (WFC) in 2019 from BNY Mellon (BK) with the mission to resolve its myriad of regulatory compliance issues.
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