Wells Fargo Chief Executive Officer John Stumpf will forfeit $41 million of stock, plus some salary, as the bank's board investigates the company's bogus-account scandal.
Former retail bank chief Carrie Tolstedt has left the company, will forgo all unvested stock, valued at about $19 million, and agreed not to cash in outstanding options during the review, the San Francisco-based lender said Tuesday in a statement. Neither Stumpf nor Tolstedt will receive a bonus for this year, the statement said.
"We are deeply concerned by these matters, and we are committed to ensuring that all aspects of the company's business are conducted with integrity, transparency and oversight," Stephen Sanger, the board's lead independent director, said in the statement. "We will proceed with a sense of urgency but will take the time we need to conduct a thorough investigation."