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Morgan Stanley CEO James Gorman attends the Reuters NEXT Newsmaker event in New York, December 1, 2022.
Brendan McDermid | Reuters
Morgan Stanley chief James Gorman said Friday he plans to resign as the bank’s CEO within the year, setting off a succession race at one of Wall Street’s top firms.
The bank’s board has narrowed its CEO search to three “very strong” internal candidates, Gorman told shareholders at the New York-based firm’s annual meeting. Gorman will take on the executive chairman role “for a period of time” after stepping down as CEO, he said.
“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.
“That is the current expectation in the absence of a major change in the external environment,” he added.
This story is developing. Please check back for updates.
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