Morgan Stanley’s CEO, James Gorman, has announced that he will step down from his role within the next year, to be replaced by three strong internal candidates.[0] Gorman, who has been at the helm of the company for 13 years, has overseen the transformation of the bank into a wealth management giant in the aftermath of the global financial crisis.[1] He will assume the role of executive chairman for “a period of time” to help Morgan Stanley transition to its next era of leadership.[2] Gorman did not specify the exact timing of the transition, but it is expected to occur within the next 12 months, in the absence of any major changes in the external environment.[2] Morgan Stanley’s board of directors has identified three senior internal candidates to potentially take over as the next CEO.[0] They are Ted Pick, head of institutional securities group, Andy Saperstein, head of wealth management, and Dan Simkowitz, head of investment management.[2] The pool of potential future CEOs at Morgan Stanley has been reduced due to Jonathan Pruzan’s departure.[3] Shares of Morgan Stanley fell 0.9% on Friday following the news.[4]
0. “Morgan Stanley CEO James Gorman to step down within next 12 months” WRAL News, 18 May. 2023, https://www.wral.com/story/morgan-stanley-ceo-james-gorman-to-step-down-within-next-12-months/20869466
1. “Morgan Stanley CEO James Gorman to step down within a year” Financial News, 19 May. 2023, https://www.fnlondon.com/articles/morgan-stanley-ceo-james-gorman-to-step-down-within-a-year-20230519
2. “Morgan Stanley CEO Gorman stepping down within 12 months” InvestmentNews, 19 May. 2023, https://www.investmentnews.com/morgan-stanley-ceo-gorman-stepping-down-within-12-months-237792
3. “Morgan Stanley CEO James Gorman Announces Succession Plan and Potential Candidates” Best Stocks, 19 May. 2023, https://beststocks.com/morgan-stanley-ceo-james-gorman-announces-suc/
4. “Morgan Stanley CEO intends to step down in the next 12 months” Investing.com Canada, 19 May. 2023, https://ca.investing.com/news/stock-market-news/morgan-stanley-ceo-intends-to-step-down-in-the-next-12-months-432SI-2998667