Morgan Stanley Pays Gorman $27 Million for His Year as Chairman

Morgan Stanley paid former boss James Gorman $27 million for his work as executive chairman last year after he handed the chief executive officer reins to his successor, Ted Pick.

Gorman, who ran the firm for 14 years through the end of 2023, was awarded a $1.5 million salary, a $12.75 million cash bonus and another $12.75 million of performance-based incentive compensation, according to a filing Friday. That’s $10 million less than his haul for 2023, his final year as CEO. It’s also in line with what co-presidents Andy Saperstein and Dan Simkowitz earned last year.

Gorman’s pay for ...