{"id":11368,"date":"2019-03-15T11:56:17","date_gmt":"2019-03-15T18:56:17","guid":{"rendered":"http:\/\/occupysf.net\/?p=11368"},"modified":"2019-03-15T11:56:18","modified_gmt":"2019-03-15T18:56:18","slug":"wells-fargo-unveils-annual-meeting-location-ceo-pay-raise","status":"publish","type":"post","link":"https:\/\/occupysf.net\/index.php\/2019\/03\/15\/wells-fargo-unveils-annual-meeting-location-ceo-pay-raise\/","title":{"rendered":"Wells Fargo unveils annual meeting location, CEO pay raise"},"content":{"rendered":"\n
\"Wells<\/a><\/figure>\n\n\n\n\n\n

<\/a>By\u00a0Mark Calvey<\/a>\u00a0\u00a0\u2013\u00a0Senior Reporter, San Francisco Business Times<\/p>\n\n\n\n

Mar 13, 2019<\/p>\n\n\n\n

Wells Fargo is heading back to Texas, telling shareholders Wednesday that this year\u2019s annual meeting will be at the Dallas-Fort Worth airport on April 23.<\/p>\n\n\n\n

The bank\u2019s shareholder meeting, which will take place at 10 a.m. Central time at the Grand Hyatt DFW, will likely draw protesters and other critics of the bank, as has occurred in recent years. That\u2019s spurred Wells to keep the annual meeting\u2019s location secret<\/a> until filing its proxy, sometimes choosing remote locations or venues that make it hard for large crowds of protesters to gather. The bank\u2019s last annual meeting in San Francisco in 2012 turned into a two-day event triggering road closures and drawing thousands of protesters<\/a> that required some attendees to step over a row of protesters chained together after passing through a police line. Presumably, that circus-like atmosphere won\u2019t be allowed at the Dallas airport.<\/p>\n\n\n\n

On Wednesday, Wells was eager to tout its Texas presence in deciding to bring the annual meeting to the Lone Star State for a second time in recent years. The bank\u2019s annual meeting was held in San Antonio<\/a> in 2014.<\/p>\n\n\n\n

\u201cWe consider several criteria including transportation, availability of venue and Wells Fargo operations when planning corporate meetings,\u201d said Wells Fargo (NYSE: WFC) spokesman Ruben Pulido. \u201cWe believe there is a benefit to holding our annual meeting in different locations to allow for the broader participation of our stockholders in those areas.<\/p>\n\n\n\n

\u201cWe chose the Dallas-Fort Worth area, in part, because of our large base of operations in the state,\u201d Pulido said. \u201cTexas is one of our largest regions in the U.S. as it relates to retail branches, and we are the third-largest bank in the state.\u201d<\/p>\n\n\n\n

Wells said it has 5,800 employees as well as 175 locations and operations centers in the Dallas-Fort Worth area, including several statewide leaders.<\/p>\n\n\n\n

In addition to disclosing the annual meeting location, Wells also revealed in its proxy statement that CEO Tim Sloan<\/a> got a 5 percent pay raise in 2018, earning $18.4 million in total compensation. He received $2.4 million in salary, $14 million in stock awards and $2 million in incentive awards, according to the bank\u2019s proxy statement. In 2017, he earned $17.5 million, a 36 percent pay increase over 2016, the year in which he was named CEO. He took the reins after a scandal involving the opening of millions of accounts not authorized by customers came to light and led to the ouster<\/a> of his predecessor John Stumpf<\/a>. <\/p>\n\n\n\n\n\n\n\n

Sloan was grilled<\/a> at a congressional hearing this week over the bank\u2019s progress in recovering from a series of scandals under his leadership.<\/p>\n\n\n\n

Wells Fargo saw its shares drop 25 percent in 2018, significantly underperforming its rivals and the Standard & Poor\u2019s 500.<\/p>\n","protected":false},"excerpt":{"rendered":"

By\u00a0Mark Calvey\u00a0\u00a0\u2013\u00a0Senior Reporter, San Francisco Business Times Mar 13, 2019 Wells Fargo is heading back to Texas, telling shareholders Wednesday that this year\u2019s annual meeting will be at the Dallas-Fort Worth airport on April 23. The bank\u2019s shareholder meeting, which will take place at 10 a.m. Central time at the… Continue reading → <\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/posts\/11368"}],"collection":[{"href":"https:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/comments?post=11368"}],"version-history":[{"count":1,"href":"https:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/posts\/11368\/revisions"}],"predecessor-version":[{"id":11369,"href":"https:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/posts\/11368\/revisions\/11369"}],"wp:attachment":[{"href":"https:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/media?parent=11368"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/categories?post=11368"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/tags?post=11368"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}