By Justin Baer
Morgan Stanley delivered a parting gift to its former finance
chief, allowing millions of dollars in Ruth Porat's deferred cash
and stock bonuses to vest as part of her move to the same role at
Google Inc.
The Wall Street firm said Friday in a regulatory filing that its
board approved a plan to treat Ms. Porat as retirement-eligible,
speeding up the payout of past year-end awards that would have paid
out over time. Those bonuses, Morgan Stanley said, are still
subject to cancellations and clawback provisions.
Thursday was Ms. Porat's last day at the firm.
Morgan Stanley also said in the filing that Ms. Porat's
successor, former financial-services banker Jonathan Pruzan, would
receive a base salary of $1 million in his new role.
Write to Justin Baer at justin.baer@wsj.com
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