Morgan Stanley leaders got performance-based stock awards Monday that have more than doubled in value since they were granted three years ago - the biggest payout yet under a bonus program adopted after the financial crisis.
Bloomberg News reports that Chief Executive Officer James Gorman’s receipt of 113,510 shares, disclosed in a filing, is about 6% more than what the board originally targeted, after the firm beat a goal for shareholder returns and missed one for profitability.
Gorman’s shares were valued at $4.1m on Monday, up from $1.94m when they were awarded as part of a 2011 bonus.
The board began granting stock specifically tied to performance targets as part of 2009 compensation, with half the awards’ delivery tied to return on equity, a measure of profitability, and the other half pegged to the stock’s return. Executives could get a fraction of their stated award if they missed a goal, or a multiple if they exceeded.
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