AI English summary of an SEC filing — figures as filed
Wells Fargo WFCThe company said the independent members of the Board of Directors approved total compensation of $31.2 million for CEO and President Charles W. Scharf for performance year 2024.
Key points
AI summaryThe company said the independent members of the Board of Directors approved total compensation of $31.2 million for CEO and President Charles W. Scharf for performance year 2024.
The company said Mr. Scharf's total compensation for 2024 consists of a base salary of $2.5 million and total variable compensation of $28.7 million, and that his base salary has not changed since he joined the company in 2019.
The company said the variable compensation of $28.7 million consists of $7.2 million in cash and $21.5 million in long-term equity, with the equity awards comprising Performance Share awards (PSAs) at 65% and Restricted Share Rights awards (RSRs) at 35%.
The company said the Board considered diluted earnings per share of $5.37, up 11% from 2023, and about $25 billion returned to shareholders, along with a 15% increase in the quarterly common stock dividend per share, when it set the compensation.
Summary
AI-writtenAnalysis scope · Filing bodyWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.
Board approves $31.2 million CEO pay for 2024 performance year
The company said the independent members of the Board of Directors approved total compensation of $31.2 million for CEO and President Charles W. Scharf for performance year 2024.
Source · Based on the filing body and exhibits
Base salary $2.5 million, variable pay $28.7 million
The company said Mr. Scharf's total compensation for 2024 consists of a base salary of $2.5 million and total variable compensation of $28.7 million, and that his base salary has not changed since he joined the company in 2019.
Source · Based on the filing body and exhibits
Variable pay mix: $7.2 million cash, $21.5 million long-term equity
The company said the variable compensation of $28.7 million consists of $7.2 million in cash and $21.5 million in long-term equity, with the equity awards comprising Performance Share awards (PSAs) at 65% and Restricted Share Rights awards (RSRs) at 35%.
Source · Based on the filing body and exhibits
Board-cited 2024 results: diluted EPS $5.37, about $25 billion returned
The company said the Board considered diluted earnings per share of $5.37, up 11% from 2023, and about $25 billion returned to shareholders, along with a 15% increase in the quarterly common stock dividend per share, when it set the compensation.
Source · Based on the filing body and exhibits
AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.
Original filing
The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.
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