Wells More Than Doubles CEO’s Pay
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Wells Fargo & Co., the biggest U.S. mortgage lender, more than doubled Chief Executive Richard Kovacevich’s pay to $8.2 million last year as its earnings and stock climbed.
Kovacevich, 59, was paid $995,000 in salary, a $7-million bonus and other compensation totaling $208,956, according to the company’s proxy statement filed with the Securities and Exchange Commission. In 2001, Kovacevich earned $3.9 million and was granted options that could be worth as much as $75.2 million.
Shares of San Francisco-based Wells Fargo closed down 17 cents at $46.68 on the New York Stock Exchange.
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