Charlie Scharf is set to become chairman of Wells Fargo after navigating the San Francisco company out of several regulatory orders.
The $2 trillion-asset Wells said in a press release that its board intends to appoint Scharf, the company’s CEO, to become chair. The board said it plans to appoint a lead independent director in conjunction with the move.
Scharf also received a one-time special equity grant consisting of $30 million in restricted share rights and more than 1 million stock options. The award will vest and become exercisable for stock options on a pro rata basis after the fourth, fifth and sixth anniversaries of the grant date.
“The special equity award is designed to acknowledge Charlie’s role in leading Wells Fargo through an unprecedented transformation, creating shareholder value and positioning the company for the future,” Steven Black, the current chairman, said in the release.