Morgan Stanley CEO: Pay, no bonus, in '07
John Mack also benefits from $40 million in stock grants from 2006, according to a government filing.
NEW YORK (CNNMoney.com) -- Morgan Stanley chief executive John Mack received $1.5 million in compensation for 2007, after agreeing not to take a bonus for the year because of the investment bank's poor fourth-quarter results, according to documents filed with the Securities and Exchange Commission Wednesday.
However, Mack was awarded $40.2 million in stock and options grants for his performance in 2006, according to the filing. The award was made soon after the company's 2007 fiscal year began in December 2006.
Mack earned $800,000 in salary and $336,000 in above-market returns on deferred compensation. He also received perks of nearly $400,000, primarily for personal use of the company's plane.
Like its peers, Morgan Stanley (MS, Fortune 500) has suffered from the mortgage meltdown and the tightening of the credit markets. In December the company reported a fourth-quarter loss of $3.59 billion, its first quarterly loss in its 72-year history.