New Delhi (India), 20th May 2023: James Gorman, CEO of Morgan Stanley since 2010, announced his intention to step down within the next 12 months at the company’s annual shareholders meeting on May 19. Following his resignation, he will remain as executive chairman.
He said, “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.”
Following the announcement, the company’s stock dropped 2% to $82.72 per share.
Gorman, 64, took over as CEO of Morgan Stanley at a critical juncture. Gorman assisted in the rebuilding of the corporation when it nearly collapsed in the aftermath of the 2008 financial crisis.
According to firm financial filings, Morgan Stanley is now one of the world’s largest financial services companies, with $1.2 trillion in assets under administration and $53.7 billion in revenue last year. Gorman, who earned $39.4 million last year, is one of the highest-paid banking executives in the United States.
According to Bloomberg, Ted Pick, Andy Saperstein, and Dan Simkowitz are possible successors. Pick and Saperstein are the firm’s co-presidents. Pick is the head of the Institutional Securities Group, which provides services such as investment banking and corporate loans.
Saperstein, who joined the firm in 2006, is in charge of the firm’s wealth management division, which includes financial advice and stock trading. Simkowitz is the co-head of corporate strategy and the head of investment management. Pick and Simkowitz both started at the firm in 1990.
