James Gorman plans to step down as chief executive of Morgan Stanley within the next 12 months.
Gorman said on Friday that he planned to step down after 13 years at the helm of a Wall Street bank that he has transformed into a wealth management juggernaut.
“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,” Gorman, 64, said at the bank’s annual shareholder meeting.
“At that point when I do step down as CEO, it is the board’s and my expectation that I will assume the role of executive chair for a period of time,” Gorman added.
Gorman said Morgan Stanley’s board had “identified three very strong senior internal candidates for consideration as the next CEO”.
According to people familiar with the matter, the leading candidates to take over are co-presidents Ted Pick and Andy Saperstein, who oversee Morgan Stanley’s institutional securities and wealth management divisions, respectively, and Dan Simkowitz, head of the investment management unit.
This is a developing story
