Morgan Stanley CEO Makes First-Ever Stock Sales After Bank Rallyby
Morgan Stanley Chief Executive Officer James Gorman pocketed $7.08 million from share sales in November, his first since joining the bank in 2006.
Gorman sold 100,000 shares on Nov. 30 for an average $41.14 apiece, according to a regulatory filing Friday. He exercised 200,000 options on Nov. 11 and netted $2.94 million, another filing shows. Bank shares have rallied following Donald Trump’s election as president last month.
Gorman, 58, who came to Morgan Stanley from Merrill Lynch & Co. in 2006 and took over as CEO in 2010, has periodically gifted shares to a grantor-retained annuity trust of which he’s an indirect beneficiary. Such trusts can be used to pass any appreciation of assets to beneficiaries free of gift and estate taxes.
Wesley McDade, a spokesman for New York-based Morgan Stanley, declined to comment.