Gorman had already said in January that younger candidates were ready as possible successors.
(Photo: Reuters)
new York The CEO of the US investment bank Morgan Stanley, James Gorman, wants to step down as CEO. “It’s likely to happen sometime in the next 12 months,” Gorman said at the bank’s shareholder meeting in New York on Friday. At least that is the current expectation of the board of directors, provided that no important developments intervene.
Gorman took over the top job in 2010 and said in January that younger candidates were ready to replace him. After his resignation, however, the 64-year-old initially wants to remain in the company as Chairman of the Administrative Board, which is senior to the Management Board.
According to Gorman, there are three candidates to succeed him. He didn’t name any names. But the most likely candidates are Ted Pick and Andy Saperstein, the firm’s co-presidents, and its chief investment officer, Dan Simkowitz.
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