“The specific timing of the CEO transition has not been determined, but it is the board’s and my expectation that it will occur at some point in the next 12 months,” Gorman said.
James Gorman announced he will step down as Morgan Stanley chief executive officer after a 13-year stint in which he transformed the bank into a Wall Street powerhouse.
“The specific timing of the CEO transition has not been determined, but it is the board’s and my expectation that it will occur at some point in the next 12 months,” Gorman told shareholders at the firm’s annual meeting on Friday. Morgan Stanley’s purchase of E*Trade and Eaton Vance have expanded and solidified Morgan Stanley’s revenues. At times, the bank’s wealth management arm has accounted for close to 50% of the firm’s revenue.
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