NEW YORK: Banking major Morgan Stanley has hiked the base salary of its executive chairman, John J Mack, by over two-fold to $2 million, even as exorbitant pay practices on Wall Street kicked up public outrage.
In 2009, Mack was paid a base salary of $800,000. "Mack's new base salary of $2,000,000, which will come into effect from June 1, 2010, was approved by the Compensation, Management Development and Succession Committee after consultation with its independent compensation consultant," the entity said in a filing to the US Securities and Exchange Commission on Friday.
The company said that the increased salary was in line with Mack's new role and responsibilities as its executive chairman.
Mack was succeeded as Morgan Stanley's CEO by James Gorman on January 1.
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