{"id":6189,"date":"2023-10-27T23:44:40","date_gmt":"2023-10-27T23:44:40","guid":{"rendered":"https:\/\/infundpros.com\/business\/morgan-stanley-hands-new-leaders-tens-of-millions-in-restricted-stock\/"},"modified":"2023-10-27T23:44:40","modified_gmt":"2023-10-27T23:44:40","slug":"morgan-stanley-hands-new-leaders-tens-of-millions-in-restricted-stock","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=6189","title":{"rendered":"Morgan Stanley hands new leaders tens of millions in restricted stock"},"content":{"rendered":"<div>\n<p>Unlock the Editor\u2019s Digest for free<\/p>\n<p class=\"article__content-sign-up-topic-description\"><span>Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.<\/span><\/p>\n<p><iframe class=\"article__content-sign-up-iframe close\" scrolling=\"no\" id=\"signUpIframe\" data-prev-url=\"\/register\/in-article-sign-up?ft-content-uuid=c5362223-1ce8-489c-8207-a0bd1985ed70\"><\/iframe><\/div>\n<div id=\"article-body\">\n<p>Morgan Stanley\u2019s soon-to-be chief executive Ted Pick and his two top lieutenants were granted restricted stock units that could net them tens of millions of dollars each in connection with their new roles.<\/p>\n<p>Morgan Stanley said the units, announced in an SEC filing on Friday afternoon, were awarded in equal amounts to the three executives: Pick, Andy Saperstein and Dan Simkowitz. Each package was worth $20mn at the time of the grant, but the final value will be determined by the performance of Morgan Stanley\u2019s stock price over the next three years. The one-time grants will not fully vest until 2027.<\/p>\n<p>Earlier this week, Morgan Stanley announced that Pick will take over as the firm\u2019s chief executive next year, replacing James Gorman, who had held the top job at the bank for nearly 14 years. Gorman will then become executive chair. <\/p>\n<p>Gorman\u2019s announcement at the Morgan Stanley annual meeting earlier this year that he would retire kicked off a rare public run-off for one of the most coveted jobs on Wall Street. Saperstein and Simkowitz were also in the running for the top job but were instead given other senior roles.<\/p>\n<p>It is standard pay practice for a newly named CEO of a Wall Street firm to get a large stock grant as they step into the role. It is less typical, however, to see similar awards to other executives. In 2021, for instance, David Solomon, who became CEO of Goldman Sachs in 2018, got a $30mn stock grant. Goldman\u2019s second-highest ranking executive, John Waldron, received $20mn at the same time.<\/p>\n<p>That same year, JPMorgan Chase granted its chief executive Jamie Dimon a \u201cspecial award\u201d of 1.5mn share options that were at the time projected to be worth $49.5mn after 10 years. On Friday, JPMorgan announced that Dimon would cash in as many as 1mn shares in the next year, which at the bank\u2019s current stock price would be worth $140mn. <\/p>\n<p>Gorman, Morgan Stanley\u2019s outgoing chief executive, has sought to hand over the firm to its next generation of executives without the back-stabbing that executive transitions often entail. Before this week\u2019s announcement, Gorman had praised all three executives and expressed hopes that they all would stay with the firm, no matter who was named as his successor. <\/p>\n<p><em>This story has been amended to clarify that the executives were granted restricted stock units rather than options<\/em><\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.ft.com\/content\/c5362223-1ce8-489c-8207-a0bd1985ed70\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Unlock the Editor\u2019s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Morgan Stanley\u2019s&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22],"tags":[],"class_list":{"0":"post-6189","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Morgan Stanley hands new leaders tens of millions in restricted stock | inFundPros<\/title>\n<meta name=\"description\" content=\"Unlock the Editor\u2019s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Morgan Stanley\u2019s soon-to-be\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/infundpros.com\/?p=6189\" \/>\n<meta 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