Wells Fargo’s Top Lawyer Turned CEO Made $9.6 Million in 2019
“Former Wells Fargo & Co. general counsel C. Allen Parker Jr. took home outsized pay of more than $9.6 million last year thanks to his elevation to interim CEO,” reports Brian Baxter in Bloomberg Law’s Banking Law News.
“Parker’s compensation is all the more notable since Wells Fargo’s top in-house lawyer has rarely, if ever, been one of the highest-paid executives at the company, according to three former lawyers for the bank.”
“The bulk of Parker’s pay—approximately $8.3 million, including a $2 million grant of restricted stock—came from his service last year as Wells Fargo’s interim CEO from March through October, according to a 2019 proxy statement filed by the company March 16.”
“The proxy, which also revealed that the bank clawed back a $15 million stock award to former CEO Timothy Sloan, came less than a week after its hire of a new general counsel in Ellen Patterson, the soon-to-be former in-house legal chief at Toronto-Dominion Bank.”
