Morgan Stanley CEO intends to step down in the next 12 months By Investing.com

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Morgan Stanley CEO intends to step down in the next 12 months

Published May 19, 2023 23:18

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Morgan Stanley CEO intends to step down in the next 12 months

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Morgan Stanley (NYSE:MS) chief executive James Gorman intends to step down from his role in the next 12 months and take on the position of executive chairman, according to reports.

Gorman is said to have told shareholders on Friday at the firm's annual meeting that "it is the board's and my expectation that it will occur at some point in the next 12 months."

"That is the current expectation in the absence of a major change in the external environment," he added.

Morgan Stanley shares have dipped around 0.5% following the news.

Gorman is the current Chairman and CEO of the bank. Prior to joining Morgan Stanley, he held a succession of executive positions at Merrill Lynch before joining MS in February 2006. He then went on to become its chief executive in January 2010 and Chairman in January 2012.

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