Morgan Stanley (MS: Quote) said Thursday that its president and CEO James Gorman's compensation for 2011 declined from 2010, reflecting the fact that the company did not fully meet certain financial priorities for the year.
Gorman received $12.98 million in total compensation compared to $15.19 million in 2010 and $6.5 million in 2009. His base salary in 2011 was unchanged from 2010.
"Despite the Company's improved performance and the progress achieved in executing its strategy in 2011 under his leadership, Mr. Gorman's compensation for 2011 was 25% below the level of 2010, reflecting the fact that the Company did not fully meet certain financial priorities for the year," the company said.
CFO Ruth Porat's compensation fell to $11.4 million from $11.71 million with base salary remaining unchanged.
Compensation for the remaining members of the operating committee was also down significantly on average from 2010 levels, Morgan Stanley noted.
Click here to receive FREE breaking news email alerts for Morgan Stanley and others in your portfolio
by RTT Staff Writer
For comments and feedback: firstname.lastname@example.org