Morgan Stanley CEO Gets a Pay Cut
Morgan Stanley Chief Executive Officer James Gorman made $6 million in total compensation for 2012, including $800,000 in salary, $2.6 million in deferred cash and $2.6 million in stock options, a person familiar with the matter said on Thursday.
Gorman made $8.56 million for 2011, counting salary, deferred cash and restricted stock grants.
Morgan Stanley's board also plans to award Gorman an undetermined amount of long-term incentive pay for 2012, the source said. But he will still make less than the $10.5 million total he made in 2011, when counting $1.9 million in long-term incentive pay, the source said.
The bank on Thursday disclosed stock option awards for top executives in filings with the U.S. Securities and Exchange Commission. The rest of the executives' pay will be disclosed later in the company's annual proxy filing.