Morgan Stanley CEO Gorman's Pay Drops 25%

NEW YORK (TheStreet) -- Morgan Stanley (MS) CEO James Gorman's total compensation declined by 25% during 2011, according to the company's annual proxy filing on Thursday.

Including "not only non-equity compensation earned for services in the applicable year but, in the case of stock awards and option awards, compensation earned for performance in prior years" Gorman's pay cut was actually 15%. His total 2012 compensation of $13.0 million -- including an $800,000 salary, a $2.7 million bonus, stock awards of $5.9 million and $3.5 million in options, was $13.0 million -- declined from $15.2 million during 2010.

That's still not a bad haul for a year in which Morgan Stanley's shares plunged by 44%, and the company's earnings declined by 53% to $1.23 a share, from 2010 EPS of $2.63.

According to the company's 2011 Summary Compensation Table, Morgan Stanley CFO Ruth Porat saw a 3% cut in total compensation, to $11.4 million, while Gregory Fleming -- the firm's EVP and president of asset management and global wealth management -- saw a 24% cut in total compensation, to $10 million.

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-- Written by Philip van Doorn in Jupiter, Fla.

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