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Morgan Stanley executive chairman James Gorman will step down at year end

May 23, 2024 at 09:27 am

NEW YORK (Reuters) -Morgan Stanley's executive chairman James Gorman will step down on Dec. 31, he told the bank's annual shareholder meeting.

The former CEO cited the "successful transition" of his successor Ted Pick into the top job at the start of this year.

Gorman's compensation in 2023, his last year as CEO, rose 17% to $37 million.

Gorman spent 14 years at the helm and is credited with transforming the bank into a wealth management powerhouse. He also orchestrated a succession plan in which Pick took the reins at the same time as retaining the two other CEO candidates, executives Andy Saperstein and Dan Simkowitz, a rarity on Wall Street.

(Reporting by Nupur Anand in New York and Manya Saini in Bengaluru)

By Nupur Anand and Manya Saini

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James Gorman

James Patrick Gorman is a businessperson who has been at the helm of 6 different companies. Mr. Gorman is Chairman & Chief Executive Officer of Morgan Stanley and Chairman for Morgan Stanley Smith Barney Holdings LLC (a subsidiary of Morgan Stanley). Mr. Gorman is also Member of The Financial Services Forum, Member of The Business Council, Member- Overseers Board at Columbia Business School and Member of The Business Roundtable and on the board of 6 other companies. In the past James Patrick Gorman held the position of President at Federal Advisory Council, Senior Partner-Financial Institutions Practice at McKinsey & Co., Inc., Co-President for Global Wealth Management Group, Head-Global Private Client Business at Merrill Lynch & Co., Inc., Director at The Partnership for New York City and Trustee at The Metropolitan Museum of Art. He received an MBA from Columbia University and an undergraduate degree and a graduate degree from the University of Melbourne.

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