Wells Fargo plans to appoint CEO Charlie Scharf as chairman and grant him $30 million in restricted share rights. The move aims to retain Scharf for his leadership in transforming the bank. A lead independent director will oversee when Scharf assumes the chairman role. The special equity grant aligns Scharf’s compensation with industry peers.

Scharf, 60, took charge of Wells Fargo in 2019 to address issues from a fake-accounts scandal. The bank faced hefty fines and public backlash. The decision to separate the chairman and CEO roles in 2016 followed the scandal’s eruption. Major U.S. banks like JPMorgan Chase and Goldman Sachs have their CEO doubling as chairman.

Proxy advisers have advocated for separating the chairman and CEO roles to enhance corporate governance. Shareholders of Goldman Sachs and Bank of America rejected the proposal last year. Wells Fargo was recently freed from a $1.95 trillion asset cap. Scharf’s leadership is credited with positioning the bank for future success.

Read more at Yahoo Finance: Wells Fargo board to appoint CEO Scharf as chairman and grant $30 million award