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Morgan Stanley has awarded performance-linked bonuses totaling $20 million to its incoming CEO and Co-Presidents, a move that comes amid a downturn in deal-making and economic uncertainty. The bonuses are tied to the bank’s stock price and are set to vest in 2027.
Ted Pick, the incoming CEO, along with Andy Saperstein and Dan Simkowitz, the future Co-Presidents, are the recipients of these bonuses. Pick, a veteran at Morgan Stanley with three decades of experience in trading, equity capital markets, and fixed income, is set to replace long-time CEO James Gorman.
Gorman, who will transition to the role of executive chairman to support Pick in his new position, is credited with transforming Morgan Stanley into a wealth management behemoth. Under his leadership, the firm made key acquisitions like E*Trade and Eaton (NYSE:) Vance.
Starting from January 1, Saperstein will manage wealth and investment while Simkowitz will lead equity capital markets and fixed income. This comes as part of a broader reshuffle in the bank’s top brass as it navigates the challenging economic climate.
Pick’s commitment to maintaining Morgan Stanley’s blue-chip strategy is expected to guide his leadership as he steps into his new role. His tenure will be closely watched by stakeholders as he takes over the helm from Gorman, who has left a significant legacy at the bank.
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This story originally appeared on Investing
