Wells Fargo's Sloan eligible for office, driver after he departs

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Tim Sloan took a beating as Wells Fargo's boss, but at least he won’t have to fight California freeway traffic or keep his own calendar in retirement.

The 31-year company veteran, who stepped down Thursday after struggling to tame scandals at the bank, is entitled to a company-paid office, administrative assistant and access to a part-time driver for two years after his departure, according to a regulatory filing.

The benefits, worth about $400,000, are contingent upon his remaining available for consulting services and continuing to represent the firm with customers and employees.

Sloan, 58, abruptly retired as Wells Fargo’s chief executive after sustained calls for his ouster from critics including Sen. Elizabeth Warren, a Democrat running for president. He’ll be replaced on an interim basis by the firm’s general counsel, C. Allen Parker.

Sloan won’t receive special compensation in connection with his resignation, San Francisco-based Wells Fargo said. He’s still eligible to collect about $15.1 million from two pension plans and compensation he previously received but elected to defer.

Sloan also holds about 1.12 million Wells Fargo shares and could collect about 655,000 more in coming years from equity awards that will vest if the bank meets expected performance targets. His stake and awards are valued at $87.6 million based on Friday’s opening share price.

Bloomberg News