Morgan Stanley pays Gorman $ 27 million for his year as chairman

(Bloomberg) – Morgan Stanley paid former boss James Gorman $ 27 million for his work as executive chairman last year after handing over the CEO to his successor, Ted Pick. Gorman, who ran the firm for 14 years at the end of 2023, has a $ 1.5 million salary, a $ 12.75 million cash bonus and a $ 12.75 million performance-based incentive, according to a filing Friday. It is $ 10 million less than its time for 2023, its final year as CEO. This is also in line with what fellow presidents Andy Sapersstein and Dan Simkowitz earned last year. Gorman’s payment for last year exceeds the $ 725,000 that John Dugan chaired his work as chairman of Citigroup Inc. received in 2024. It is also best at the $ 590,703 that Wells Fargo & Co. paid to the chairman Steve Black for that year. Still, it did not serve as CEO earlier, and it is not entirely uncommon for the executives to be paid more with executives than other executives. Ajay Banga earned $ 17.4 million in 2021 when he executive chairman of Mastercard Inc. after earning $ 27.8 million, after earning $ 27.8 million, his last as CEO. The Morgan Stanley board considered factors, including that Gorman “successfully reached an orderly, perennial chief of succession planning process, which was also quoted in the top post in the payment decision for his last year. He also assisted the CEO in his role, acted as a mentor, a sound board and helped to prepare him to become chairman of the council, ‘according to the filing. Gorman took the reins at Morgan Stanley after his almost collapse during the financial crisis, and is credited with the engineer of a perennial transformation of the firm with wealth management at its core. Pick took over at the beginning of last year and in a rarity for Wall Street, the other two contenders for the work – Saperstein and Simkowitz – agreed to stay on. Pick, who earned $ 34 million for his first year as CEO, added the chairman of the chairman at the beginning of 2025. Gorman will serve as a non-employee advisor for Morgan Stanley this year and the next fee of $ 400,000 a year, according to the Friday filing. More stories like these are available on Bloomberg.com © 2025 Bloomberg LP