Not bad sort of rate – and that’s just the severance pay!
Even in the super strata world of US management pay packets, US$32 million payout after three months’ work is an eye-popping level of expenditure – but that’s what Stephen Crawford earned for his short stint as co-president of Morgan Stanley. And it comes on top of US$133 million severance pay for the company’s former (admittedly long-term) CEO and chair, Phillip Purcell. As one commentator was quoted as saying: “You have to scratch your head and ask what the board was doing.”
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