Wells Fargo & Co. Chief Executive John Stumpf received compensation for 2008 valued at 21% less than the previous year's, according to an analysis of a proxy statement filed Tuesday.
Stumpf received $9 million in total compensation in 2008, a year in which the broader banking sector was hammered by the ongoing credit crisis and growing recession. He received $11.4 million in 2007. Both figures were calculated by the Associated Press.
Stumpf's base salary increased 17% in 2008 to $878,920.
His compensation also included stock options and restricted stock valued at $7.9 million on the day they were awarded.
His pay package declined in 2008 because he received no non-equity incentive plan compensation in 2008, compared with the $4.2 million he received in 2007.
Other pay, including such items as company contributions to retirement accounts and relocation expenses, declined 45% to $242,167 during the year. Smaller contributions to Stumpf's retirement account accounted for the bulk of the decline among other pay.