Morgan Stanley elevated James Gorman’s compensation 17% for his remaining yr as chief government officer, boosting his pay to $37 million.
Three-fourths of Gorman’s bonus might be paid in deferred inventory over three years, the New York-based agency mentioned in a regulatory submitting Friday. On high of his $1.5 million base wage, he acquired a money bonus of just below $9 million.
Throughout his time as CEO and in 2023, Gorman “reshaped the agency right into a stronger and extra balanced establishment positioned for long-term progress,” the financial institution mentioned within the submitting. “As well as, Mr. Gorman efficiently completed an orderly, multiyear CEO succession-planning course of.”
Gorman, 65, was succeeded as CEO earlier this month by Ted Decide.
Throughout his 14 years working the agency, Gorman engineered a change of Morgan Stanley with wealth administration at its core following the agency’s close to collapse throughout the 2008 monetary disaster. Gorman is now the financial institution’s government chairman.
In a rarity for Wall Road, the 2 executives who missed out on the CEO job agreed to stay at Morgan Stanley, with Co-President Andy Saperstein gaining oversight of asset administration along with his function main wealth administration, and Dan Simkowitz changing Decide as co-president main the investment-banking and buying and selling division.