Morgan Stanley will never really get rid of former CEO Phillip Purcell—at least not while he’s alive.
The firm’s latest proxy statement, released Friday, revealed that in addition to the outrageous $44 million bonus Purcell received as part of his exit package, he will continue to get full benefits, administrative support and annual contributions to his favorite charities from Morgan Stanley for the rest of his life.
The additional perks are estimated to be worth around $8 million—with about $3.1 allocated to benefits, $2.9 million to charitable contributions and $1.8 million to administrative support. Even his secretary will be entitled to an annual raise, full company benefits and a bonus, to be determined by Morgan. Oh, they also threw in a little extra cash for his use of the company jet and car last July—around $41,000—and to reimburse of all his legal expenses connected with his settlement and release agreement—another $19,000.
