Paul J. Taubman, who made his name advising on transactions worth hundreds of billions of dollars, may have made his best deal yet.
Bloomberg News reports that the former Morgan Stanley banker is the highest-paid Wall Street executive for 2015 with awarded compensation of $164m, according to the Bloomberg Pay Index. That’s almost entirely in stock granted in conjunction with the spinoff of his PJT Partners from Blackstone Group in October. It’s not guaranteed - he’ll need to more than triple the value of his firm to receive it all.
In that sense, Taubman’s package from PJT looks more like that awarded to a startup entrepreneur than that of private equity titans or fellow bank bosses. On paper, he could make as much as Blackstone’s Steve Schwarzman and Gamco Investors founder Mario Gabelli combined. Their pay was in cash. Large grants of equity tied to financial or market goals, by contrast, has been a strategy used to pay the likes of Tesla Motors’ Elon Musk and GoPro’s Nick Woodman.
A spokeswoman for PJT said the company declined to comment on Taubman’s ranking or compensation.
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