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Morgan Stanley CEO Makes First-Ever Stock Sales After Bank Rally
[Photo: Gorman with Lionel Barber, FT Editor; Financial Times / Wikimedia Commons]
Morgan Stanley CEO James Gorman made $7 million from share sales in November, his first since joining the bank in 2006. He earned $4.1Mn on the sale of 100,000 shares on 11/30; he netted over $2.9Mn by exercising 200,000 options on 11/11.
Gorman, 58, who came to Morgan Stanley from Merrill Lynch & Co. in 2006 and took over as CEO in 2010, has periodically gifted shares to a grantor-retained annuity trust of which he’s an indirect beneficiary. Such trusts can be used to pass any appreciation of assets to beneficiaries free of gift and estate taxes.
