He appears to be holding up his end of the bargain. Since joining Morgan Stanley in June 2005, shares in the company have risen about 62% -- with some 40% of that coming in 2006.
Analysts project the company will report earnings of $6.77 a share on $33.73 billion of revenue, according to Thomson Financial. Most on Wall Street expect Morgan Stanley will easily surpass these projections.
Mack's compensation eclipses the $38.3 million former Goldman Sachs CEO Henry Paulson received in 2005. Earlier this week, Lehman Brothers disclosed that CEO Richard Fuld received $10.9 million in stock for 2006.
Bear Stearns, Goldman Sachs, and Merrill Lynch have yet to file regulatory reports detailing bonus packages for their top executives. However, on average, 2006 will go down as some of the highest overall compensation numbers in Wall Street's history.
Goldman Sachs said in its full-year earnings report that overall compensation this year was about $16.4 billion, or an average of about $622,000 per employee. Lehman said it would pay its employees an average of $335,441 this year -- paying 25,936 workers a total of $7.7 billion in salary, bonuses and other benefits. At Bear Stearns, staff would receive an average of $321,740 in compensation.
Morgan Stanley also reported stock bonuses for seven of its other top executive officers, according to regulatory filings.
Among them was co-presidents' Zoe Cruz, who received $17 million in stock and $1.92 million in options, and Robert Scully, was awarded $11.4 million in stock and $1.28 million in options. Chief Financial Officer David Sidwell was paid $7.98 million in stock and $890,291 in options.