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The Reward for Leaving: $113 Million





This is excessive to reward an executive with poor record.

From New York Times:

The board of Morgan Stanley has awarded Mr. Purcell, who retired as chairman and chief executive after a bitter struggle for control of the firm, an exit package worth an estimated $113.7 million.

The disclosure by the firm late yesterday came two days after it reported that John J. Mack signed a contract worth as much as $25 million a year - or as much as the average of four of his high-paid Wall Street peers - to return to Morgan Stanley as Mr. Purcell's successor.

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