Wells Fargo (WFC) shareholders approved compensation for John Stumpf, the chairman and chief executive, at the company's annual meeting Tuesday and also rejected a proposal to split the chairman and CEO roles.
Shareholders approved Stumpf's $19.3 million compensation package in a nonbinding resolution during the annual meeting, held in San Antonio, Texas, Wells Fargo said in a news release. Compensation was also approved for other executives, including Timothy Sloan, chief financial officer, and David Hoyt, senior executive vice president for wholesale banking.
(Sloan next month will switch over to lead wholesale banking, and Hoyt will retire at the end of June. John Shrewsberry will be the new CFO.)
In other nonbinding questions, shareholders rejected calls to make Wells Fargo's chairman independent, and for it to review its mortgage-servicing and loan-modification procedures to confirm they comply with federal law. One of the nation's largest mortgage lenders, Wells Fargo reported this month that its residential mortgage originations fell to $36 billion in the first quarter, from $109 billion a year ago.
Shareholders also elected the 14 nominees for director seats and confirmed KPMG as Wells Fargo's auditor.
Final voting results will be filed with the Securities and Exchange Commission in the coming days, a company spokesman said.
Wells Fargo's moved its annual meeting to a Hyatt Regency hotel in San Antonio this year after protestors disrupted meetings held the past two years in San Francisco and Salt Lake City, Utah, according to media reports. A number of shareholders also attended today's meeting in San Antonio and questioned Stumpf about the bank's mortgage practices.