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Morgan Stanley CEO Took 2010 Pay Cut
Morgan Stanley disclosed in a regulatory filing that its first year CEO, James Gorman, took a $1 million pay cut for 2010. His total compensation of $14 million consisted of:
- $800K in salary;
- $1.55mn in cash bonus;
- $2.33mn in deferred cash award - that can be clawed back based on the firm’s performance;
- $3.5mn in stock options;
- $3.88mn in restricted stock - vesting over 3 years; and,
- $1.94mn in stock awards - tied to the firm’s performance.
In 2009, when Mr. Gorman was the firm's co-president, he received nearly $15 million, consisting of: $734K in salary; $5.71mn in deferred cash award; $8.55mn million in restricted and performance stock awards.
While Mr. Gorman's $14 million compensation falls short of the amounts paid to his counterparts - Jamie Dimon of JPMorgan Chase received $20.8mn, and Lloyd Blankfein of Goldman Sachs got $19mn - the pay cut was not unexpected. After all, the firm's been trying to rein in compensation costs.The pay cut comes as Mr. Gorman strives to revitalize Morgan Stanley, which has seen its earnings and stock price remain under pressure since he took charge at the beginning of 2010. Shares of Morgan Stanley closed unchanged on Thursday at $26.79 - a price that is down 9.5% since Mr. Gorman became chief executive. [C-I will shed no tears for this millionaire.] [NYT Dealbook, 4/14/11]
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