Getting your player ready...
Wells Fargo & Co.’s four top executives won’t get cash bonuses for 2009 but are receiving performance-based stock awards worth a combined $25 million that are designed to keep them from being lured away by rival banks.
Wells Fargo announced the compensation moves Thursday, a week after saying it had repaid $25 billion it received under a government financial rescue program that imposes restrictions on executive pay.
The so-called “retention” shares would be forfeited if chief executive John Stumpf or three other high-ranking executives leave San Francisco-based Wells Fargo for a competitor. They vest after three years if the nation’s fourth-largest bank meets certain performance goals.
