09 Feb
Posted by Jacob Stewart as Credit Cards Guide
Wells Fargo & Co. CFO Howard Atkins, whose sudden departure was announced this week, will leave with more than $22 million in pay and benefits.
Atkins will receive about $7.4 million in deferred compensation, about $900,000 in supplemental retirement contributions and pension benefits worth $940,000.
The figures were reported by Bloomberg News, citing executive pay researcher Equilar Inc.
He also holds $13.2 million in stock and options that vest after his retirement.
The bank — Colorado’s largest by deposits — announced this week that Atkins, 60, would go on immediate unpaid leave, and would retire at its conclusion on Aug. 6 for “personal reasons.”
Apart from saying that his departure was “unrelated to the company’s financial condition or financial reporting,” Wells Fargo has declined to elaborate.
In August, Atkins will have been at the bank 10 years. It was not clear whether some of his pay and benefits kick in at that threshhold, or if that is why his official retirement is being deferred to that date.
Wells Fargo & Co. CFO Howard Atkins, whose sudden departure was announced this week, will leave with more than $22 million in pay and benefits.
Atkins will receive about $7.4 million in deferred compensation, about $900,000 in supplemental retirement contributions and pension benefits worth $940,000.
The figures were reported by Bloomberg News, citing executive pay researcher Equilar Inc.
He also holds $13.2 million in stock and options that vest after his retirement.
The bank — Colorado’s largest by deposits — announced this week that Atkins, 60, would go on immediate unpaid leave, and would retire at its conclusion on Aug. 6 for “personal reasons.”
Apart from saying that his departure was “unrelated to the company’s financial condition or financial reporting,” Wells Fargo has declined to elaborate.
In August, Atkins will have been at the bank 10 years. It was not clear whether some of his pay and benefits kick in at that threshhold, or if that is why his official retirement is being deferred to that date.
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