Morgan Stanley increased James Gorman's compensation 17% for his final year as chief executive officer, boosting his pay to $37 million.
Three-fourths of Gorman's bonus will be paid in deferred stock over three years, the New York-based firm said in a regulatory filing Friday. On top of his $1.5 million base salary, he received a cash bonus of just under $9 million.
During his time as CEO and in 2023, Gorman "reshaped the firm into a stronger and more balanced institution positioned for long-term growth," the bank said in the filing. "In addition, Mr. Gorman successfully accomplished an orderly, multiyear CEO succession-planning process."
Gorman, 65, was succeeded as CEO earlier this month by Ted Pick.
During his 14 years running the firm, Gorman engineered a transformation of Morgan Stanley with wealth management at its core following the firm's near collapse during the 2008 financial crisis. Gorman is now the bank's executive chairman.
In a rarity for Wall Street, the two executives who missed out on the CEO job agreed to remain at Morgan Stanley, with Co-President Andy Saperstein gaining oversight of asset management in addition to his role leading wealth management, and Dan Simkowitz replacing Pick as co-president leading the investment-banking and trading division.
