The following charts show the stock performance of securities subsequent to each open-market, non-planned trade made by Carrie L Tolstedt.
Tolstedt, meanwhile, is giving up $67 million-or almost twice the $36 million she took home over the same period.
The former bank executive was paid very well during her lengthy employment, and it’s no wonder why Carrie Tolstedt’s house is a lavish mansion in California. Marissa Mayer, the outgoing CEO of Yahoo How Wells Fargo's Carrie Tolstedt Went from Fortune Most Powerful Woman to VillainWhat Congress would do in 2021 if Democrats sweep in NovemberTips for reducing long-term financial disruption amid COVID-19Jeff Bezos nabs Beverly Hills estate next to his record-setting $165M compoundHow college students are reimagining the gap year in the COVID-19 eraHong Kong's mom-and-pop investors squeeze funds as IPOs sizzleHere's what Bill Gates and Warren Buffett talk about during COVID-19‘Dollar signs with heartbeats’: How for-profit schools blazed a trail of pain in AmericaJet fuel demand outlook sours after fleeting market optimism In Wells Fargo’s findings are an ignominious career finale for Tolstedt, who was a fixture on Ultimately, despite her plans to retire voluntarily, Wells Fargo decided in September that it would fire Tolstedt for cause, employing a harsh distinction rarely used in an industry that often lets even shamed executives walk away on their own terms.
The stock performance is charted as cumulative percent change in share price. A study last month, for example, found that female financial advisors at Wells Fargo were And relative to their overall pay packages, Wells Fargo’s clawbacks deprive Tolstedt of a much larger portion of her compensation than they do Stumpf. Each year mentioned in a federal agency's consent order, Carrie Tolstedt collected $5.5 million in stock. Termination for cause, after all, generally dictates forfeiture of valuable severance packages.That outcome seems to have disproportionately fallen on women as a result of Wells Fargo’s fake account scandal: Besides Tolstedt, Wells Fargo also terminated four other executives for cause in February, three of whom were women, the board said in its report. In April 2017, Wells Fargo's board of directors released a report on the account fraud scandal accusing Tolstedt of downplaying problems at Wells Fargo's banks. Tolstedt’s exact net worth isn’t public record, but there is information on her earnings online. How Tolstedt went from star to the scandal's big villain Stumpf, on the other hand, is still worth at least $132 million, based on his current stock holdings, though it’s unclear if or how many of those shares he will have to sell in order to return the amount Wells Fargo is clawing back.Tolstedt, of course, is not the only executive on Fortune’s Most Powerful Women list to experience a sharp fall from grace. The former CEO is losing $69 million, or 85%, out of the $81 million he made between 2013 and 2016. Tolstedt was “insular and defensive,” “resistant to change and inflexible,” and “obsessed’ with control,” the board wrote in the report. She “mismanaged” the bank’s response to the aggressive sales tactics that seemed to breed bad behavior, submitting reports to the board that were “viewed by many as misleading.” What’s more, the board accused Tolstedt of being callous and indifferent to the potential harm she was causing: “There is no evidence that Tolstedt showed serious concern about the effects of improper sales practices on Wells Fargo’s customers,” it wrote.Meanwhile, the board could find nothing worse to say about Stumpf than that he “was by nature an optimistic executive” who “nonetheless moved too slowly to address the management issue.”Tolstedt, on the advice of counsel, declined to participate in or be interviewed for the Wells Fargo internal report. The bank recently was fined $185 million and fired 5,300 employees for unethical behavior. (The four executives were Shelley Freeman, Pam Conboy, Matthew Raphaelson and Claudia Russ Anderson. Early life. In 2017, Wells Fargo retroactively fired Tolstedt for cause.
The same report recommended that the bank take back $47.3 million in In response to the report, Wells Fargo retroactively fired Tolstedt for cause and revoked $47.3 million that they had previously paid her.As of early January, 2020, multiple former Wells Fargo executives are facing possible criminal charges and could be indicted in early 2020.On January 23, 2020, OCC regulators announced an additional $25-million fine against Tolstedt for her role during the fraud, an amount they state could rise higher.
The way Carrie Tolstedt told it, she caught the banking bug early when she was a child in a small Nebraska town. But while Tolstedt’s total clawbacks, at $67 million, are slightly less than the $69 million that Stumpf lost, there is no question that she is the one painted as the true villain in the board’s report.The language Wells Fargo’s board uses to describe each leader makes this clear. )Factor in benefits and total compensation, Stumpf is giving up 40% of the $174 million he was That means Tolstedt’s net worth is also taking a much bigger hit than Stumpf’s. Wells Fargo will clawback millions from former CEO John Stumpf and Carrie Tolstedt. Carrie Tolstedt’s Compensation and Net Worth . (Tolstedt’s latest round of clawbacks involved stock options that were not counted in her annual compensation from previous years because she never exercised them; rather than having to pay back Wells Fargo out of her own pocket, she will simply not receive that compensation. How Wells Fargo's Carrie Tolstedt Went from Fortune Most Powerful Woman to Villain More Wells Fargo will claw back an additional $75 million from … The amount of Wells Fargo stock that Tolstedt owns outright, according to the company’s most recent proxy statement, which would have given her a net worth of at least $131 million at current share prices, has been reduced by more than half; her current portion is now worth $52 million. Non-planned trade are trades that were not made as part of a 10b5-1 trading plan.