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Article: Morgan Stanley chief executive's bonus cut by 26%.
- Article from:
- Financial News
- Article date:
- February 20, 2003
CopyrightCOPYRIGHT 2003 Financial News Publishing Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Shanny Basar
Philip Purcell, chief executive and chairman of Morgan Stanley has been paid a reduced bonus but has has stopped short of the example set by Citigroup's Sandy Weill, who gave up his bonus entirely due to the decline in the bank's share price.Weill, who received a $17m ([euro]15.8m) bonus and made $15.9m on his share options in 2001, declined to accept a bonus for 2002 after Citigroup's profits slumped by 37% in the fourth quarter of 2002.
At Morgan Stanley Purcell's total compensation package for 2002 was $11m, down over 26% compared with last year and down 56% compared with 2000. Morgan Stanley said in its proxy filing with the US ...
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