Board of Directors at Wells Fargo decides to designate CEO, Charlie Scharf, as Chairman
Wells Fargo Awards CEO Charlie Scharf $30 Million Equity Grant
In a significant move, the Board of Directors at Wells Fargo has awarded CEO Charlie Scharf a one-time special equity grant worth $30 million. The award, which consists of Restricted Share Rights and stock options, is designed to align Scharf's compensation with long-term shareholder value creation.
The announcement comes in recognition of Scharf's leadership in transforming the company. Since taking the helm in 2019, Scharf has navigated Wells Fargo through a series of regulatory and reputational challenges, including lifting a $1.95 trillion asset cap imposed by the Federal Reserve after the 2016 fake-accounts scandal.
Under Scharf's guidance, the bank has resolved 13 consent orders and enhanced operational resilience, which the Board sees as pivotal to the company’s future success. These achievements have significantly contributed to the company's positioning for sustainable growth.
In light of these accomplishments, the Board intends to appoint Scharf as Chairman of the Board, a dual leadership role permitted after recent bylaw changes. To ensure governance balance, the Board also plans to appoint a Lead Independent Director to maintain independent oversight.
The equity award will vest over six years to encourage Scharf's continued long-term commitment in leading Wells Fargo's ongoing transformation. The grant consists of approximately 1.046 million stock options and $30 million in Restricted Share Rights.
Wells Fargo, ranked No. 33 on Fortune's 2025 rankings of America's largest corporations, currently holds approximately $2.0 trillion in assets. The company offers a diversified set of banking, investment, and mortgage products and services.
It's important to note that forward-looking statements in this news release are subject to inherent risks and uncertainties, and actual results could differ materially from expectations. More information about these risks can be found in the reports filed with the Securities and Exchange Commission.
For media inquiries, please contact Dana Ripley at 404-606-0935 or [email protected]. For investor relations inquiries, contact John Campbell at 415-396-0523 or [email protected].
The news release is categorized under WF-CFH.
Mr. Scharf expressed his gratitude for the privilege of leading Wells Fargo and its talented and dedicated team. He emphasized his commitment to continuing his work in leading the company's ongoing transformation.
[1] Business Wire [2] Fortune's 2025 rankings of America's largest corporations [3] Securities and Exchange Commission's Form 8-K [4] Wells Fargo's regulatory and reputational challenges and Scharf's role in navigating them [5] Scharf's key role in strengthening Wells Fargo’s risk and control infrastructure, improving its reputation, resolving critical regulatory milestones, and delivering strong financial performance while making strategic growth investments.
- The equity grant awarded to CEO Charlie Scharf by Wells Fargo's Board of Directors, worth $30 million, signifies the alignment of his compensation with the company's long-term shareholder value creation, reflecting his significant role in transforming the business.
- The cloud infrastructure of Wells Fargo, known for its diversified set of banking, investment, and mortgage products and services, has been resilient under Scharf's leadership, enabling the company to withstand regulatory and reputational challenges.
- The financial performance of Wells Fargo has shown strength under the leadership of CEO Charlie Scharf, with the company's strategically invested resources contributing to sustainable growth, as reported by Fortune's 2025 rankings of America's largest corporations.
