James Gorman, who has held the highest cease at Morgan Stanley for the previous 13 years, is about to name it quits.
Gorman introduced he’ll go away the corporate throughout the subsequent 12 months Friday on the firm’s annual shareholder assembly. Whereas no successor has been named, Gorman mentioned the corporate has recognized three “very robust senior inside candidates” for the function.
“The particular timing of the CEO transition has not been decided, however it’s the board’s and my expectation that it’s going to happen in some unspecified time in the future within the subsequent 12 months,” he mentioned. “That’s the present expectation within the absence of a serious change within the exterior surroundings.”
After he departs the CEO workplace, Gorman will stay as govt chairman “for a time period”.
“We consider this construction will make sure the continued stability of Morgan Stanley whereas on the similar time positioning it for a decade of thrilling progress beneath new management,” he mentioned. “Within the meantime, I’m honored to proceed to function Chairman and CEO of Morgan Stanley, as I’ve been doing for what’s now my 14th 12 months.”
Gorman grew to become CEO of Morgan Stanley in 2010 and is likely one of the longest serving CEOs within the business, alongside JPMorgan Chase’s James Dimon and Financial institution of America’s Brian Moynihan. He took over the financial institution in a drastically weakened state after the 2008 mortgage disaster and helped it develop right into a wealth administration powerhouse.
