James Gorman to step down as Morgan Stanley CEO
Longtime Morgan Stanley CEO James Gorman indicated in remarks made at the investment banking firm’s annual meeting this morning that he plans to step down at some point in the next 12 months.
Mr. Gorman said that the company was considering three “strong” candidates as potential replacements for the CEO position. He added that he would likely stay on as Executive Chairman for an additional transition period after the formal CEO changeover is made.
James Gorman, 64 years old, became CEO of Morgan Stanley (NYSE:MS) in 2010 and added the Chairman title in 2012. He first joined the firm in 2006 and was named Co-President in December 2007.
Before joining Morgan Stanley, Mr. Gorman held a succession of executive positions at Merrill Lynch. Prior to this, he was a senior partner of McKinsey & Co. after beginning his career as an attorney in his native Australia. He holds BA and Law degrees from the University of Melbourne and an MBA from Columbia University.