Morgan Stanley Chair James Gorman to step down at end of the year

  • James Gorman will step down as chairman of Morgan Stanley (NYSE:MS) at the end of the year, according to a media report, after an almost two-decade-long stretch at the helm, in which he pulled the investment bank and wealth manager from the depths of the financial crisis.
  • He made the announcement at the firm's annual meeting on Thursday.
  • In January, Ted Pick succeeded Gorman as CEO. While the company didn't name a successor for the chairman role, Pick is expected to eventually gain that title, Bloomberg reported.
  • Gorman had announced at last year's annual meeting that he would step down from CEO within the next 12 months and would cede the chairman's role as soon as his successor was confident in the CEO role.
  • Meanwhile, JPMorgan Chase (JPM) chief, Jamie Dimon, has signaled that he'll leave in less than five years. He said it's up to the board to determine how much longer he will remain CEO.

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