John Stumpf, who resigned last week as CEO of Wells Fargo (WFC) amid a widening banking scandal, Tuesday has given up two other lucrative boardroom positions.
Stumpf resigned from the board of directors of both energy giant Chevron (CVX) and retailer Target (TGT) effective immediately, according to regulatory filings. "Mr. Stumpf, whose resignation was effective immediately, served as a valued member of the Chevron Board since 2010," according to a statement from Chevron. Target could not be reached immediately.
USA TODAY reported last week that Stumpf had collected a combined $648,258 from sitting on the boards of directors at the two companies in 2015, in addition to what he was making as a board member at Wells Fargo. Despite retiring from Wells Fargo, he still departed from the bank with Wells Fargo stock valued at $134.1 million, says executive pay tracking firm Equilar.
Stumpf was on both the nominating and governance as well as the risk and compliance committees at Target. He had been a board member at the retailer since 2010. Last year, Target paid him $102,500 in fees and cash and $170,021 in stock awards.
Over at Chevron, Stumpf held a similar supervisory role and had been on the board there also since 2010. He was a member of both the nomination and governance committee as well as the management compensation committee at the energy company. Chevron paid him $150,000 in cash, $225,000 in stock awards and $737 in other payments last year.
Stumpf resigned as CEO and chairman of Wells Fargo after it was found that upward of 2 million bank accounts were allegedly opened by thousands of employees to meet aggressive sales targets. The former CEO of Wells Fargo was grilled by members of the Senate and the House of Representatives for not taking responsibility for the widespread fraud. Wells Fargo had no comment.