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Morgan Stanley cuts 2019 pay for CEO

Morgan Stanley's board reduced Chairman and CEO James Gorman's total compensation for 2019 to $27 million, compared with $29 million in 2018, according to a Form 8-K filing.

Gorman's compensation is composed of a base salary of $1.5 million, cash bonus of $6.4 million, a deferred equity award of $6.4 million and a performance-vested equity award of $12.8 million that converts to shares only if the company meets predetermined performance goals with respect to average firm return on equity and relative total shareholder return over the three-year performance period.

The board's decision is based on Gorman's individual performance, including his leadership of Morgan Stanley's long-term strategy and culture, as well as the company's financial performance.