Wells Fargo & Co. (WFC) — The board of directors has given CEO Tim Sloan a $4.6 million raise, despite the bank continuing to face the fallout of its sales-practices scandal and other issues. In its annual proxy to shareholders, Wells Fargo said Sloan made $17.6 million last year, up from $13 million in 2016. While Sloan did not get a cash bonus in 2017, the value of the Wells Fargo stock awarded him rose to $15 million from $10.5 million. John Shrewsberry, the bank's chief financial officer, saw his total compensation increase to $11.9 million in 2017 from $9.3 million in 2016. San Francisco-based Wells Fargo is facing several investigations into its business, most notably its opening of millions of fake accounts without getting customers' authorization. The company's shares closed Wednesday at $56.63, down 93 cents.
Chipotle Mexican Grill Inc. (CMG) — The struggling burrito chain said that its longtime head of marketing is leaving the company, just a week after it installed a new CEO. Mark Crumpacker, who has led Chipotle's marketing efforts for nine years, will leave the company today. Last year, Crumpacker pleaded guilty to a misdemeanor drug possession charge that would be dismissed after completing a rehabilitation program. Chipotle placed him on leave for a few months. Chipotle, which has failed to recover from a series of food safety scares, is seeking to rebuild its business and lure customers back. The Denver-based company hired Taco Bell executive Brian Niccol as its new CEO. His first day was March 5. Shares were $319.66, down $7.14, or 2.2 percent.
Inditex — The world's largest clothes retailer and Zara fashion brand owner says strong sales and investment in technology for its online and physical stores boosted net profit in the past fiscal year by 7 percent. Net profit for the 12 months ending Jan. 31 rose to 3.37 billion euros ($4.11 billion) from 3.16 billion euros a year earlier. Sales rose 9 percent to 25.34 billion euros in the fiscal year, with revenue for online sales growing by 41 percent. The group founded in 1975 by Amancio Ortega has eight brands, including Massimo Dutti, Bershka and Pull & Bear. Inditex owns 7,475 shops worldwide, an increase of 183 stores from the previous year when factoring in shop closures, but 29 less than three months earlier. Its shares touched three-year lows on Wednesday before rebounding to gain 1.7 percent in Madrid.
Cathay Pacific Airways Ltd. — Losses at Hong Kong's biggest airline more than doubled last year because of rising fuel costs and relentless competition. The airline posted a 1.26 billion Hong Kong dollar ($160 million) loss for 2017, compared with a HK$575 million loss the year before. Revenue rose 5 percent. One-off charges included a 57 million euro ($71 million) fine levied by the European Commission in a years-long case involving 10 other air cargo carriers accused of colluding to fix fuel and security surcharges. Last year, Cathay embarked on a sweeping corporate overhaul that included dismissing nearly 600 staff at its headquarters. Redundancy costs added HK$224 million ($28.6 million) to staff expenses. Its shares closed in Hong Kong at HK$13.78, unchanged.