‘A hefty long-term incentive award helped nearly double the compensation for Morgan Stanley’s chairman and chief executive, James P. Gorman, to $18 million for 2013.
“Mr. Gorman was given a $6 million long-term equity award, which he will receive if the firm meets certain performance benchmarks over the next three years, according to a filing with the Securities and Exchange Commission on Friday. Mr. Gorman also received $12 million in base salary and bonus awards in 2013.
“In 2012, he earned $9.75 million, a 7 percent drop from 2011.
“Morgan Stanley has been trying to move away from its riskier trading business to focus on the relatively more stable wealth management unit, and Mr. Gorman’s pay raise is a clear indication that the firm’s board likes the progress that it has seen. The company’s stock price rose 64 percent in 2013.”
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