by Todd Gillespie
Ken Moelis, chief executive officer and founder of Moelis & Co., was offered a $25 million retention bonus to stay at the investment bank for the next four years, the latest effort by a Wall Street firm to keep hold of its senior executives.
The award — granted in the form of partnership units — will vest fully if Moelis remains at the firm until February 2029, the bank said in a Monday filing. Moelis can draw on the award provided he remains CEO, executive chairman or in another executive leadership position, according to the filing.
“The compensation committee determined to grant the retention award to Mr. Moelis to maintain continuity and stability in the company’s leadership in the coming years,” according to the filing.
The retention bonus helps stave off questions around the retirement of Moelis, 66, from the investment bank he founded in 2007. The CEO has grown the firm, which went public in 2014, to reach a market capitalization of nearly $6 billion, serving major clients in the US, Europe and the Middle East.
Last year, Moelis, who had previously predicted he would hand over control of his firm to someone else by the age of 65, indicated he had no plans to retire soon. “I think I’m still contributing, I’m enjoying it,” he said. “And 65 doesn’t seem as old as it used to seem.”
The award follows a move last month by Goldman Sachs Group Inc. to pay out $80 million retention bonuses to its CEO and president to keep them both at the company. David Solomon and John Waldron will receive the payouts in a restricted stock package if they stay until 2030.
Copyright Bloomberg News
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