MS Morgan Stanley

By Denny Jacob

Morgan Stanley awarded stock-based awards to its next chief executive officer and other leaders who were in the running for the top job.

The bank gave Ted Pick, who succeeds longtime CEO James Gorman, Andy Saperstein and Dan Simkowitz awards valued at $20 million each, according to a regulatory filing. Each award consists of 60% performance stock units, while the rest are restricted-stock units that vest and convert into shares in 2027.

Morgan Stanley said the awards are designed to enforce the executive's accountability for the company's future financial performance, and compensation is tied directly to shareholder-based value creation over a multi-year period.

The company named Pick its next CEO on Wednesday. He takes over on Jan. 1 and currently serves as co-president and head of institutional securities and co-head of corporate strategy.

Saperstein, co-president and head of wealth management, will become head of wealth and investment management. Simkowitz, head of investment management and co-head of corporate strategy, will become co-president of the firm and head of institutional securities.

Write to Denny Jacob at denny.jacob@wsj.com

(END) Dow Jones Newswires

October 27, 2023 17:15 ET (21:15 GMT)

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