Morgan Stanley's James Gorman announced that he would be stepping down as executive chairman after 14 years with the American bank.
James Gorman will be stepping down as executive chairman of Morgan Stanley on December 31, the Australian-born banker said during the US lender’s annual shareholder meeting. The bank did not name a successor to Gorman for the chairman role. The successor to his CEO role, Ted Pick, is expected to be the replacement.
Gorman first joined Morgan Stanley in 2006 and was named co-president before becoming CEO in 2010 and chairman in 2012. Previously, he also worked at Merrill Lynch and McKinsey & Co. He began his career as an attorney in Melbourne, Australia.
