Morgan Stanley raises CEO pay for 2020

The compensation, management development and succession committee of Morgan Stanley's board raised CEO James Gorman's compensation for 2020 to $33 million from $27 million in 2019, according to a regulatory filing.

Gorman's 2020 compensation is composed of a base salary of $1.5 million, a cash bonus of $7.9 million, a deferred equity award of $7.9 million and a performance-vested equity award of $15.8 million that converts to shares only if Morgan Stanley meets predetermined performance goals.

Consistent with previous years, 75% of Gorman's incentive compensation is deferred over three years and is subject to clawback, and 100% of his deferred incentive compensation is delivered in the form of equity awards.

The company disclosed that the committee based its decision on its assessment of Gorman's "outstanding" individual performance, including both significant progress in implementing a long-term strategy and a resilient business model, as well as the company's record financial performance for 2020.