Wells Fargo CEO Scharf to Become Chairman, Get $30 Million Award

Wells Fargo & Co. said Chief Executive Officer Charlie Scharf will add the role of chairman and receive a $30 million award of restricted stock.

The bank’s board will appoint a lead director to maintain independent oversight, the San Francisco-based company said Thursday in a statement. In addition to the restricted stock, Scharf will receive 1.05 million stock options. The award will vest on a pro-rata basis following the fourth, fifth and sixth anniversaries of the grant date.

Scharf, 60, is being rewarded after spending more than a half-decade cleaning up Wells Fargo’s scandals and clearing away the firm’s ...