Morgan Stanley raises CEO Gorman's base salary to $1.5 million

Thu Jan 31, 2013 4:32pm EST

Morgan Stanley CEO James Gorman talks on his cell phone after leaving a meeting with lawyer Davis Polk in New York January 13, 2011. REUTERS/Jessica Rinaldi

Morgan Stanley CEO James Gorman talks on his cell phone after leaving a meeting with lawyer Davis Polk in New York January 13, 2011.

Credit: Reuters/Jessica Rinaldi

(Reuters) - Morgan Stanley Inc (MS.N) said Chief Executive James Gorman will receive a base salary of $1.5 million in 2013, nearly double the $800,000 he received last year.

Morgan Stanley said the raise was to bring Gorman's salary into line with the salaries paid to chief executives at rival financial institutions and to achieve an appropriate balance between fixed and at-risk variable compensation.

(Reporting by A. Ananthalakshmi in Bangalore; Editing by Supriya Kurane)

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