Morgan Stanley disclosed on Friday the timeline for some of its retirement awards to Paul J. Taubman, the senior deal maker who co-led its securities business.
As part of the awards, the deal maker will receive an accelerated payout from an executive retirement program that has a current estimated value of about $1.7 million.
His 2012 bonus compensation will also vest on May 5, the official last day of Mr. Taubman's 30-year career at the Wall Street firm. But he isn't exactly coming to work until then: he retired on Dec. 31.
Morgan Stanley said in a securities filing that the total amount of the awards is subject to a number of co nditions, including abiding by a noncompete agreement. (The provisions of Mr. Taubman's separation agreement effectively make May 5 the end of an unofficial “gardening leave,†since the executive wouldn't be entitled to a full payout if he takes a job at a rival or accepts work that would compete with the firm before then.)
The announcement of his departure last November left his co-head, Colm Kelleher, in charge of the firm's core securities business. The shift was made in part to give just one person responsibility for the businesses both of doling out advice on mergers and financing and on the trading of stocks, bonds and other securities.
Mr. Taubman is widely regarded as one of Wall Street's top deal mavens, having helped broker transactions like Comcast‘s takeover of NBC Universal and Morgan Stanley's emergency lifeline from the Mitsubishi UFJ Financial Group during the financial crisis of 2008.
