Morgan Stanley CEO contenders pocketed $20M special bonuses
Morgan Stanley granted special bonuses worth $20 million each to incoming Chief Executive Officer Ted Pick and his two deputies, Andy Saperstein and Dan Simkowitz.
The share-based awards, announced in a filing Friday, follow the firm’s announcement this week that Pick will succeed outgoing CEO James Gorman. In a rare move for Wall Street, the two men who missed out on the top job — Saperstein and Simkowitz — will stay at the bank, with Co-President Saperstein gaining oversight of the firm’s asset-management business in addition to his role leading wealth management, and Simkowitz replacing Pick as co-president leading the investment-banking and trading division.
The board’s succession committee “determined that granting the awards to each of our incoming chief executive officer and co-presidents is in the best interests of the company and its shareholders as the company transitions from 14 years of exceptional leadership by Mr. Gorman,” according to the filing. “The committee granted the awards in acknowledgment of the board’s assessment of the criticality to the continued success of Morgan Stanley of ensuring that each executive continues their outstanding leadership in their new roles.”
Gorman, 65, is handing the reins to Pick following a run that reshaped the Wall Street bank. Pick, 54, is a three-decade veteran of the firm who worked his way up with roles as an analyst, capital-markets banker and head of the firm’s equities-trading unit along the way. Pick, for his roles as co-president, head of institutional securities and co-head of corporate strategy, got paid $23.5 million, including base salary, cash bonus and equity awards, for his performance in 2022.
The $20 million each for Pick, Saperstein and Simkowitz
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