8-KLeadership Changes

MORGAN STANLEY 8-K Report, Executive Changes (May 1, 2015)

Filed May 1, 2015For Securities:MSMS-PKMS-POMS-PQMS-PAMS-PFMS-PIMS-PLMS-PPMS-PEMSTLW

Summary

Morgan Stanley announced a significant leadership change in its finance department, appointing Jonathan Pruzan as the new Executive Vice President and Chief Financial Officer, effective May 1, 2015. This appointment follows the departure of Ruth Porat, who was previously announced to leave the company on April 30, 2015. Mr. Pruzan, a long-tenured employee with extensive experience in investment banking, particularly within the Financial Institutions Group, is expected to bring continuity and deep institutional knowledge to the CFO role. Investors should note that Mr. Pruzan's compensation package includes a base salary of $1 million, matching that of his predecessor, and standard benefits for the Operating Committee. The filing also details arrangements for the outgoing CFO, Ruth Porat, who has been deemed retirement-eligible for her outstanding deferred cash and equity awards, leading to their immediate vesting. This ensures a smooth transition and acknowledges Ms. Porat's contributions while aligning with company policies.

Key Highlights

  • 1Jonathan Pruzan appointed as the new Executive Vice President and Chief Financial Officer, effective May 1, 2015.
  • 2The appointment follows the departure of Ruth Porat, CFO, who leaves the company on April 30, 2015.
  • 3Jonathan Pruzan, 46, has a long history with Morgan Stanley, joining in 1994 and holding significant roles in Investment Banking.
  • 4Pruzan's prior experience includes Co-Head of the Financial Institutions Group and leadership roles in M&A.
  • 5Mr. Pruzan's base salary as CFO will be $1 million, consistent with the previous CFO.
  • 6Ruth Porat will be treated as retirement-eligible for her outstanding deferred cash and equity awards, which have vested as of April 30, 2015.

Frequently Asked Questions

Jonathan Pruzan has been appointed as the new Executive Vice President and Chief Financial Officer of Morgan Stanley, effective May 1, 2015.

Jonathan Pruzan, 46, has been with Morgan Stanley since 1994 and has extensive experience in investment banking, including serving as Co-Head of the Financial Institutions Group and holding leadership positions in Mergers and Acquisitions.

Mr. Pruzan will receive a base salary of $1 million, which is the same as the outgoing CFO, and will be provided with the same benefits as other members of the Company's Operating Committee.

Ruth Porat has been deemed retirement-eligible for her outstanding deferred cash and equity awards, causing these awards to vest on April 30, 2015. These vested awards remain subject to other award provisions.