Morgan Stanley gives next CEO Ted Pick and two top execs $20 million awards By Reuters
© Reuters. FILE PHOTO: A screen displays the trading information for Morgan Stanley on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., January 19, 2022. REUTERS/Brendan McDermid/File Photo
(Reuters) -Morgan Stanley gave its next CEO Ted Pick and the other two contenders for the top job one-time awards worth about $20 million each, the bank said in a filing on Friday.
The awards for Pick, Co-President Andy Saperstein and incoming Co-President Dan Simkowitz are based on fair value calculations based on the bank’s current stock price. The awards are linked to their performance and vest in 2027.
Earlier this week, Pick won the race to succeed long-time CEO James Gorman and promised to stick to the blue chip Wall Street firm’s strategy as it navigates a deal-making slump and uncertain economic outlook.