Tags: bonuses, James Gorman, Morgan Stanley, silver linings
The bad news: James Gorman’s pay fell 30 percent this year. The good news: he’s now in a position to show employees how to take these setbacks like a man, rather than grumbling like someone who puts their compensation in a one-year context to define their overall level of happiness.
Morgan Stanley gave Chairman and Chief Executive Officer James Gorman a compensation package for 2012 that’s 30 percent less than his 2011 award, excluding a new incentive package, a person familiar with the decision said. Gorman, 54, will get stock options valued at $2.6 million, according to a filing today with the U.S. Securities and Exchange Commission. He also will receive a $2.6 million deferred cash bonus in addition to his $800,000 salary, said the person, who asked not to be identified because Gorman’s total pay hasn’t been announced…Gorman is receiving options instead of restricted shares he was awarded for 2011. He’s also getting a new long-term incentive package separate from his year-end pay, which will have a similar structure to the performance shares he was awarded for 2010 and 2011, the person said. Even including the new package, his total compensation will be down from the $10.5 million he received for 2011, the person said.
Morgan Stanley CEO Pay Said to Fall 30% Excluding New Incentive [Bloomberg]
Related: James Gorman To Morgan Stanley Employees: STFU Or GTFO