Get On My Hype

Wells Fargo & Co.‘s chairman and chief executive received $21.3 million in total compensation last year, more than double the $8.77 million he collected in 2008.

The executive, John G. Stumpf, got $5.6 million in salary and $13.1 million in stock awards, according to the company’s proxy filing for its annual shareholders’ meeting. Wells Fargo said more than 80 percent of Stumpf’s salary was paid in stock rather than cash, under a “salary shares” mechanism the bank devised in response to restrictions imposed on Wells Fargo by its participation in the Troubled Asset Relief Program.

Wells Fargo received $25 billion in public investment through TARP in October 2008, partly to help with its acquisition of struggling Wachovia Corp. It repaid the money last December.

At least three other Wells Fargo executives received more than $10 million each in total compensation.

Howard I. Atkins, senior executive vice president and chief financial officer, got $11.6 million in total compensation, including $3.34 million in salary and $6.81 million in stock awards. He also received stock options the company valued at $1.3 million.

Atkins’ total compensation was $4.95 million in 2008.

David M. Carroll, senior executive vice president for wealth management, brokerage and retirement services, was paid $14.3 million last year. Carroll joined Wells Fargo’s executive team when it acquired Wachovia, his previous employer. He was paid $700,000 in salary in 2009, as well as “non-equity incentive compensation” of $10.9 million and options the company valued at $2.52 million.

Mark C. Oman, senior executive vice president for home and consumer finance, collected $12.7 million in total compensation for 2009. His take included $3.87 million in salary and $7.07 million in stock awards. Oman’s total compensation was $3.58 million in 2008.

Wells Fargo had profits of $7.99 billion last year, up from $2.37 billion in 2008, when it posted a $3 billion loss in the final quarter. It said in a press release announcing the results that its earnings for 2009 were reduced by its participation in TARP.

Its stock closed Wednesday at $28.20 a share, up from $10.44 a year earlier. The company’s shares hit a low of $7.80 on March 5, 2009.

Wells Fargo’s proxy filing reported that 13 members of its board of directors received total compensation of more than $300,000 each last year — roughly half in cash and the rest in stock awards and options.