Morgan Stanley (NYSE:MS) has awarded its chief executive a sizable raise, according to an SEC filing made by the company. James Gorman will now receive a base salary of $1.5 million, or nearly double the $800,000 he had been making. He was also given $3.75 million in a new long-term incentive program.
Gorman is not the only top manager at the firm who will be taking home more pay. The company also lifted the salaries of the 11 other members of its management committee. Individuals such as CFO Ruth Porat, and President of Institutional Securities Colm Kelleher, will all receive $1 million (or the equivalent thereof) in compensation.
In the filing, Morgan Stanley quoted its board's Lead Director, C. Robert Kidder:
2012 was a transition year for Morgan Stanley, and management along with much of the organization saw reduced compensation. The Board is confident of the strategic decisions taken by senior management and our decision to grant these forward-looking LTIP awards reflects that confidence.