(Corrects figure in Feb 15 story for compensation for 2007 fiscal year to $1.6 million from $41.4 million, a figure which included stock awards and options which he received at the beginning of fiscal 2007 for his 2006 performance)
NEW YORK, Feb 15 (Reuters) - Morgan Stanley (MS.N) on Friday said Chief Executive John Mack received about $1.6 million in salary and other compensation for its 2007 fiscal year, when overall profit fell 57 percent.
Including nearly $16.5 million in gains from the exercise last year of previously granted options and stock grands, Mack’s total compensation was about $18 million last year, according to Morgan Stanley’s proxy filing with the U.S. Securities and Exchange Commission.
Most of the other compensation related to Mack’s use of company aircraft, as required by Morgan Stanley’s board, according to the filing.
Mack did not receive a bonus, consistent with his request that he not receive one in light of the company’s $3.59 billion loss in the fourth quarter.
Full-year profit at Morgan Stanley fell to $3.21 billion from $7.47 billion a year earlier, hurt by losses tied to subprime mortgages and other debt. (Reporting by Jonathan Stempel; Editing by Phil Berlowitz)