Morgan Stanley's chief executive, John J. Mack, and its two co-presidents declined any bonuses for 2008. But the company's newly released proxy statement shows that three other top executives got cash awards averaging $2.3 million each.
Morgan Stanley got $10 billion in taxpayer capital last October through the Treasury Department's Troubled Asset Relief Program, which imposes restrictions on executive salaries and bonuses.
Mack got $800,000 in salary last year, and $435,097 in other compensation, for a total of $1.24 million. The non-cash compensation consisted mainly of his personal use of corporate aircraft, and of security provided him by the company.
Mack had total compensation of $1.6 million in 2007, making him one of the lowest-paid executives at the big investment banks. Morgan Stanley said that, effective March 10r, Mack will begin reimbursing the company for his personal use of corporate aircraft.
Colm Kelleher, chief financial officer and co-head of strategic planning, got $322,903 in salary last year. The London-based executive got a cash bonus of $2.91 million, as well as a long-term incentive award of $1.06 million and restricted stock the company valued at $728,122.
Additional compensation, including $2.2 million related to his overseas assignment, brought his total package to $7.44 million. Keller had total compensation of $21 million in 2007.
Morgan Stanley said Kelleher's bonus reflected his role in "prudently and proactively managing the company's capital and liquidity." It also cited his role in developing the company's response to the financial crisis and in communicating effectively with analysts and investors during the market turbulence.
Morgan Stanley also noted that Kelleher played an important role in arranging the $10 billion capital injection from the Treasury Department, as well as other large investments from the China Investment Corp. and Mitsubishi UFJ Financial Group.
Morgan Stanley had profits of $1.7 billion last year, down from $3.2 billion in 2007.
Gary G. Lynch, the company's chief legal officer, got $300,000 in salary in 2008, along with a cash bonus of $2.37 million and a long-term incentive award of $796,500. His total compensation was $4.02 million, down from $11.9 million in 2007.
Thomas R. Nides, chief administrative officer, collected $300,000 in salary, a cash bonus of $1.81 million and a long-term incentive award of $535,000. He had total compensation of $3.14 million, compared with $6.33 million in 2007.
Walid A. Chammah, one of Morgan Stanley's co-presidents, got $322,903 in salary last year, and had total compensation of $1.2 million. He was not an executive officer of the company in 2007. Morgan Stanley did not list the compensation of James P. Gorman, its other co-president.
The company noted in December that 2008 compensation for the 35 members of its management committee was down an average of 65 percent from 2007.
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