The Wall Street Journal-20080216-Mack-s Salary- --36-800-000- No Bonus

Return to: The_Wall_Street_Journal-20080216

Mack's Salary: $800,000, No Bonus

Full Text (178  words)

NEW YORK -- Morgan Stanley Chief Executive John Mack received an $800,000 salary for fiscal 2007, with no bonus at his own request, the Wall Street firm disclosed. Mr. Mack also realized about $8 million in value from options exercises during the year, according to a Securities and Exchange Commission filing.

Under SEC pay-disclosure requirements, Morgan Stanley reported a $1.6 million compensation figure for Mr. Mack. That figure, however, includes the company's expense for option awards made in previous years and other items.

Chief Financial Officer Colm Kelleher, who took over in October, got an $11.7 million pay package for last year, including a cash bonus of nearly $4 million and other awards. Based on the SEC's disclosure requirements, Morgan Stanley reported a $21 million total pay figure for Mr. Kelleher.

Mr. Mack said in December that he wouldn't accept any bonus as his firm reported its first quarterly loss since going public in 1986. Former financial chief David H. Sidwell got a $12.7 bonus for fiscal 2007, and $300,000 in salary-related pay, according to the SEC filing.