Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Morgan Stanley Raises Mack’s Salary to $2 Million

May 28 (Bloomberg) -- Morgan Stanley more than doubled Chairman John Mack’s annual base salary to $2 million effective June 1, according to a regulatory filing by the bank.

Mack’s base salary had been $800,000, and he had opted to forgo a bonus for the last three years. His salary hadn’t increased since he rejoined the New York-based firm in 2005 as chairman and chief executive officer, according to today’s filing.

Mack, 65, stepped down as CEO at the end of last year, having led the company through its first quarterly loss in 2007 and the financial crisis in 2008. Mack told shareholders at a meeting earlier this month that he would resign as chairman if current CEO James Gorman ever told him he was in the way.

The raise followed the firm’s strategy “to move away from a compensation program focused largely on annual incentive awards toward one that is balanced between fixed, short-term and long-term compensation and to be in line with his new role and responsibilities as executive chairman of the company’s Board of Directors,” Morgan Stanley said in the filing.

To contact the reporter on this story: Michael J. Moore in New York at mmoore55@bloomberg.net.

To contact the editor responsible for this story: Alec McCabe at amccabe@bloomberg.net.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.