Morgan Stanley CEO James Gorman will relinquish his title as CEO, and transition to the role of executive chairman within a year.
Why it matters: Gorman’s forthcoming departure from the powerhouse in investment banking and deals comes at a pivotal time for a sector being rattled by higher interest rates.
As one of the most prestigious names in banking, however, Morgan Stanley — along with other mega banks — has been largely insulated from the turmoil engulfing regional institutions.
What he’s saying: At the firm’s annual shareholder meeting Friday, Gorman said Morgan’s board has identified “three very strong senior internal candidates for consideration as the next CEO.”
Morgan Stanley’s stock, traded on the New York Stock Exchange, dipped slightly in early Friday trading to $83.90.