Wells Fargo & Co. said competitors are trying to recruit its executives and has announced $25 million in retention packages for four senior executives — including its mortgage chief.
The San Francisco-based company’s board of directors has approved a $5 million retention package for Mark Oman, a news release Thursday indicated.
Oman is senior executive vice president and head of Wells Fargo Home and Consumer Finance.
The package reflects a target of 189,800 retention performance shares that have a current value of around $5 million.
Steve Sanger, chair of the board’s human resources committee, explained in the statement that the hefty package was approved as “Wells Fargo executives, at all levels, are being increasingly and aggressively recruited by competitors.”
The same packages were approved for Chief Financial Officer Howard Atkins and wholesale banking executive Dave Hoyt.
The board approved a $10 million package for Wells Fargo & Co. President and Chief Executive Officer John Stumpf that includes a a target of 379,600 retention performance shares.
“We believe we have the very best leadership team in financial services today and a key to retaining that talent for the long-term is to compensate our senior leaders competitively and to align their interests with those of our shareholders, Sanger said in the statement. “They’re leading the company through the largest merger integration in U.S. banking history, and they have played key roles in generating record profits in the first three quarters of 2009, despite the challenging economy.”
