Wells CEO Was Paid $29.7 Million in 2004

San Francisco-based Wells Fargo & Co., the fifth-largest U.S. bank, paid Chief Executive Richard Kovacevich $29.7 million last year.

Kovacevich, 61, was paid a $995,000 salary, a $7.5-million bonus, and other compensation totaling $768,376, representing a 2.1% increase over 2003, the company said Thursday in a filing with the Securities and Exchange Commission. Kovacevich also received stock options worth $20.4 million, the filing said.

Under Kovacevich, CEO since 1993, the company’s net income growth has slowed in each of the last two years as demand for mortgage refinancing declined. Profit last year rose 13% to a record $7.01 billion.

Kovacevich also saw a $42.9-million gain by exercising options last year. Wells Fargo shares gained 7 cents to $59.60 on the New York Stock Exchange.