Morgan Stanley boosted Chief Executive Officer James Gorman’s compensation by 7.4% to $29 million for 2018.
Gorman, 60, got a $13.75 million incentive tied to achieving future targets, and $6.875 million in both cash and restricted shares, according to a regulatory filing Friday. The package, which includes his $1.5 million salary, surpasses the $27 million he was paid for 2017 as the most he’s received since taking the helm.
Rich Berner is the CEO of Blueberry Pediatrics and a career-long innovator working at the intersection of healthcare and technology. He brings more than twenty years of leadership experience focused on expanding access to care, improving population health, and reducing the cost of care delivery for payers. Blueberry is a national provider of virtual pediatric care that partners with employers, commercial health plans, Medicaid managed care organizations, hospitals, health systems, and families.
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Morgan Stanley this week posted its highest-ever annual profit, even as fourth-quarter performance disappointed investors. The bank was helped by U.S. corporate tax cuts, a jump in deal fees and a bigger rise in trading revenue than many rivals. Gorman said Thursday he’s looking for acquisitions to build his firm’s asset-management unit, its smallest division.
The firm’s shares fell 24% last year, steeper than the S&P 500 Financials Index’s 15% decline, as it was buffeted by market volatility in the fourth quarter. The drop was the worst in seven years.
The incentive award converts to shares if the firm hits goals for return on equity and total shareholder return. Morgan Stanley must achieve an 11% ROE over the three-year period for Gorman to get the full piece tied to that metric, and can get up to 50% more shares if the firm achieves a 12.5% ROE.
JPMorgan Chase awarded Chief Executive Officer Jamie Dimon $31 million in total compensation for his work in 2018, a 5.1% bump after his bank also posted record profit.
