Mack Scores $25 mln Payday at Morgan Stanley

Financial Services - Company Announcements : "John Mack, who returned last week from a four-year exile to become chief executive of Morgan Stanley, will earn a minimum of $25 million a year in total compensation, according to a regulatory filing made late Tuesday.

Mack, whose contract runs through 2010, will receive no less than the lowest-paid among the CEOs of Goldman Sachs, Lehman Bros., Bear Stearns & Co. and Merrill Lynch & Co., the filing said.

Morgan Stanley is also giving Mack 500,000 shares of restricted stock. A fifth of those shares are vested, and another 20% will vest annually through the final year of his contract.

Under terms of the deal, Mack will also receive retirement benefits as if he had not been ousted in 2001. That year Mack lost a power struggle with Philip Purcell, the CEO he replaced last week."
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I looked for you: MWD (Morgan Stanley) closed at $53.77 today, so Mack's signing bonus in the vested stock gift was worth $5.377 mln, if he gets all 500,000 shares in today's dollars that is worth $26.885 mln. before any stock appreciation. So the five year deal is worth approximately $157 million. Nice work if you can get it...