According to regulatory filings made Friday, James Gorman, Morgan Stanley's (MS) Chief Executive Officer, could receive $8.1 million compensation through stock awards for his performance in 2009.
The New York-based company disclosed that Gorman, who took over the chief executive role at the start of this year, recommended that he be paid no cash bonus for 2009, and that its CMDS Committee decided that any 2009 year-end award for Gorman would be paid only in deferred compensation. Gorman received no year-end compensation for 2008.
According to the filings, the company granted 194,590 restricted shares, and also the right to receive 97,295 shares in 2013, under the at-risk performance-based stock unit program, if the company satisfies predetermined performance goals over the next three years.
Based on the Friday's closing price of $27.80, Gorman's compensation deferred stock grants is valued at $5.4 million and at-risk performance stock units is valued at $2.7 million, resulting in the combined value of $8.1 million. Gorman did not receive any cash bonus for 2009. The company did not disclose details about how much Gorman will receive based on at-risk Deferred Cash Subject to Clawback.
Morgan Stanley said that Operating Committee members will be receiving approximately 75% of year-end pay in deferred compensation.
Chairman and former chief executive John Mack recommended to the CMDS Committee that he receive no year-end bonus for 2009. Mack also received no year-end compensation for 2008 and 2007.
Walid Chammah, Chairman/CEO of Morgan Stanley International, was granted 128,335 restricted shares and 96,861 at-risk performance stock units, Colm Kelleher, Co-Head of Inst'l Securities, was granted 103,824 restricted shares and 80,520 at-risk performance stock units and Chief Financial Officer Ruth Porat was awarded 106,734 restricted shares and 82,460 at-risk performance stock units.
It is to be noted that company's Compensation and benefits expenses for the year ended December, 2009, rose 31% to $14.4 billion from $11.05 billion in 2008. Compensation and benefits was 62% of net revenues for 2009.
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