FILE PHOTO: James P. Gorman, chairman & CEO of Morgan Stanley, testifies before a House Financial Services Committeeon Capitol Hill in Washington, U.S., April 10, 2019. REUTERS/Aaron P. Bernstein/File Photo
NEW YORK (Reuters) – Morgan Stanley (MS.N) said on Friday that its board lowered Chief Executive Officer James Gorman’s total compensation for 2019 to $27 million, from $29 million in 2018, according to regulatory filings.
Gorman’s compensation is comprised of four parts: a base salary of $1.5 million; a cash bonus of $6.375 million; a deferred equity award of $6.375 million; and a performance-vested equity award of $12.75 million.
The board again required that 75% of Gorman’s incentive compensation be deferred over three years subject to a claw-back, and for all of that compensation to be paid in the form of equity in the company.
Reporting by Elizabeth Dilts Marshall; Editing by Leslie Adler