Morgan Stanley CEO James Gorman to resign within a year – Kommersant
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Morgan Stanley CEO James Gorman is set to step down from his post within a year. He announced this today, May 19, at the annual meeting of the bank’s shareholders. “There is no specific timeframe for the CEO change, but the board and I expect it to happen at some point in the next 12 months,” Gorman said.
He also noted that the board of directors had already identified “three very strong candidates” for the position. Mr. Gorman did not name them. As writes Financial Times citing sources, these are the heads of three divisions of the bank – Ted Pick, who heads the securities division for institutional clients, Andy Saperstein (wealth asset management) and Dan Simkowitz (investment management).
Gorman became CEO of Morgan Stanley in 2010. Under his leadership, the bank diversified its activities, increasingly adding asset management to its traditional investment banking and trading. Over these 13 years, the capitalization of Morgan Stanley has tripled, to $ 140 billion.
The bank’s shares fell 0.5% today.
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