Morgan Stanley CEO James Gorman Set to Step Down

Morgan Stanley’s CEO, James Gorman, announced during the bank’s annual shareholder meeting that he will be stepping down from his position within the next 12 months. Although the exact timing of the transition is yet to be determined, both Gorman and the board expect it to happen unless there are significant changes in the external environment. Gorman, who has been the CEO since January 2010, will take on the role of executive chairman for a period of time to facilitate the transition to new leadership. The board is currently considering three internal candidates to succeed Gorman as the next chief executive. Throughout his tenure, Gorman played a pivotal role in transforming Morgan Stanley, expanding its wealth management business, and diversifying its portfolio. Under his leadership, the bank completed notable acquisitions such as E*Trade and Eaton Vance. Gorman also emphasised his optimism for the future of Morgan Stanley and expressed confidence in the bank’s resilience amid sectoral challenges.