Shanghai Daily: Business - shanghaidaily.com
MORGAN Stanley, the second-biggest United States securities firm, awarded Co-President Walid Chammah an US$8.9 million stock bonus for 2007, the highest among the firm's executives after Chief Executive Officer John Mack abstained from a year-end award. Chammah, 53, was granted 173,679 restricted shares on Thursday, when the stock closed at US$51.37, the New York-based company said in a filing with the US Securities and Exchange Commission. Co-President James Gorman, 49, was awarded 155,380 restricted shares valued at US$7.98 million. The company didn't disclose any cash payments in Friday's filings, Bloomberg News reported. Mack, who received US$40 million last year, is forgoing a 2007 bonus after the firm wrote down US$9.4 billion in debt securities during the fourth quarter and reported its first loss. Mack, 63, last month ousted Zoe Cruz, the co-president who oversaw the securities unit, and demoted trading chief Neal Shear. Cruz, 52, and Shear, 53, were the highest-paid