Scharf accepted the job after turning it down initially – not enough $$ and wouldn't move to SF. WF got desperate. Came knockin' again – offered him 40% more than his last salary and increased to comp package to $23 million (much more than Stump and Sloan rec'd, at around $19 and $18 million, respectively)... AND told him he could be based out of NY. (Hey, WF employees – more staff cuts are coming to offset his blowout package! Lucky you!)
WF is ruined. How far it's fallen in such a short period of time...from a financial darling (golden child) to begging on the Street (Wall Street) for everything including a new "leader". Thanks execs for destroying what so many employees worked hard to create. Unfathomable incompetence.
Final irony: Sharf will eliminate telecommuting at WF (a la rearranging deck chairs on the Titanic), yet he is the ultimate beneficiary of telecommuting, running an SF-based corporation from NY. Priceless.
What a cluster. I'm sure Scharf and Saul will be having drinks in NY soon, if they haven't already. Both cut from same narcissistic, slash-and-burn cloth. Are we entertained yet, Saul? NO!