Wells Fargo CEO Stumpf: Didn’t Consider Firing Tolstedt

The transcript discusses the controversy surrounding Miss Tolstedt's retirement from Wells Fargo amidst a massive fraud scandal. It highlights the board's awareness of the issues, the decision not to fire her, and her eligibility for incentives despite the scandal. The conversation delves into the board's governance process, the changes made to employee compensation, and the challenges in addressing executive compensation. The discussion emphasizes the need for accountability and transparency in board decisions.

What was the main issue identified under Miss Tolstedt's leadership?

• Creation of fake accounts

• Decline in customer service

• Increase in operational costs

• Loss of market share

What was the argument against firing Miss Tolstedt before her retirement?

• It was against company policy

• She was unaware of the issues

• She had a strong performance record

• It would not affect the board's process

Why was Miss Tolstedt eligible for an incentive award despite the fraud?

• The board had not yet decided

• She was not aware of the fraud

• She had already retired

• She improved customer loyalty

What was the board's response to the question of Miss Tolstedt receiving another bonus?

• They immediately denied it

• They were still considering it

• They postponed the decision

• They approved it

What is the main reason given for the delay in changing executive compensation?

• Public opinion

• Legal restrictions

• Board governance process

• Lack of evidence