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James Gorman, who has held the top stop at Morgan Stanley for the past 13 years, is about to call it quits.
Gorman announced he will leave the company within the next 12 months Friday at the company’s annual shareholder meeting. While no successor has been named, Gorman said the company has identified three “very strong senior internal candidates” for the role.
“The specific timing of the CEO transition has not been determined, but it is the board’s and my expectation that it will occur at some point in the next 12 months,” he said. “That is the current expectation in the absence of a major change in the external environment.”
After he departs the CEO office, Gorman will remain as executive chairman “for a period of time”.
“We believe this structure will ensure the continued stability of Morgan Stanley while at the same time positioning it for a decade of exciting growth under new leadership,” he said. “In the meantime, I am honored to continue to serve as Chairman and CEO of Morgan Stanley, as I have been doing for what is now my 14th year.”
Gorman became CEO of Morgan Stanley in 2010 and is one of the longest serving CEOs in the industry, alongside JPMorgan Chase’s James Dimon and Bank of America’s Brian Moynihan. He took over the bank in a greatly weakened state after the 2008 mortgage crisis and helped it grow into a wealth management powerhouse.
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