Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

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

Published 19/05/2023, 11:18 pm
Updated 19/05/2023, 11:18 pm
© Reuters.

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.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.