James Gorman Steps Down as Morgan Stanley CEO, Sets Up Battle Among Top Executives for Successor
After a 13-year stint as CEO of Morgan Stanley, James Gorman has announced that he will be stepping down from his role within the next 12 months. Gorman, who transformed Morgan Stanley into a wealth management powerhouse, plans to take on the role of executive chairman after stepping down. The announcement has set up a battle among three of the Wall Street giant's top executives, who have been identified by Gorman as potential successors: Ted Pick, Andy Saperstein, and Dan Simkowitz. Currently, Pick holds the position of the institutional securities group's leader, Saperstein is the chief of wealth management, and Simkowitz is the head of investment management. The pool of potential future CEOs at Morgan Stanley has shrunk due to Jonathan Pruzan's departure. Gorman took over as CEO in 2010, replacing John Mack, who had steered the firm through the financial crisis. He oversaw the shift of the firm's focus from traditional trading and investment banking to wealth management and high net-worth client advisory. Under his tenure, Morgan Stanley's stock has risen more than 178%, compared to an 85% gain for the Dow Jones US Banks Index benchmark.
0. “James Gorman, Deal-Making CEO At Morgan Stanley, To Step Down Within 12 Months” Victoria Advocate, 19 May. 2023, https://www.victoriaadvocate.com/arena/thestreet/james-gorman-deal-making-ceo-at-morgan-stanley-to-step-down-within-12-months/article_95bf7ae0-aea4-5847-a37a-6551a4dd55c4.html
1. “Breaking: Morgan Stanley CEO To Step Down Amid Crypto-Fuelled Bank Failures” CoinGape, 19 May. 2023, https://coingape.com/banking-crisis-morgan-stanley-ceo-to-step-down-amid-crypto-fuelled-bank-failures/
2. “Morgan Stanley CEO James Gorman Announces Succession Plan and Potential Candidates” Best Stocks, 19 May. 2023, https://beststocks.com/morgan-stanley-ceo-james-gorman-announces-suc/