Wells hikes CEO's pay 7.8%, raises dividend
San Francisco-based Wells Fargo increased the compensation for Chief Executive John Stumpf by 7.8 percent to $19.3 million, according to a regulatory filing Thursday.
For 2012, Stumpf received $12.5 million in stock awards and $4 million as a bonus. The CEO also was awarded a salary of $2.8 million.
In 2011, Wells awarded Stumpf a total compensation package of $17.9 million.
Shares of Wells Fargo soared 24 percent during 2012. The bank's stock was buoyed by more robust housing markets. Its profits totaled $18.9 billion and set a record for annual earnings for the third consecutive year.
Wells also said it will proceed with a 30-cent dividend for 2013. That would be 25 percent higher than the current 25 cent dividend.
Core-Mark profit soars in fourth quarter
South San Francisco-based Core-Mark Holding said its fourth-quarter profit jumped, bolstered by recent acquisitions.
During the quarter that ended in December, Core-Mark earned $9.7 million on revenue of $1.19 billion. The company is a wholesale distributor of consumer products such as cigarettes and other tobacco products, candy, snacks, grocery items, perishables, nonalcoholic beverages, and health and beauty aids.
Compared with the year-ago fourth quarter, profit soared 86 percent higher and revenue rose 2.8 percent.
At the end of 2012, Core-Mark bought North Carolina wholesaler J.T. Davenport for $38 million to expand its reach in the Southeast. In 2011, the company bought Forrest City Grocery.