Wells Fargo & Co's hunt for a new CEO is being impeded by limits on how muc...
NEW YORK - Wells Fargo & Co’s hunt for a new CEO is being impeded by limits on how much the bank can pay its next leader, a person close to the search and several industry insiders told Reuters.
Wells Fargo’s CEO pay package has trailed peers in recent years in the aftermath of a wide-ranging sales practices scandal. Wells Fargo is also the smallest of the top four retail banks by assets. Wells Fargo Chair Betsy Duke has said the board wants to attract the “top talent in banking.” Directors want the next CEO to be an outsider, following critiques from lawmakers that company veterans are incapable of turning things around.
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