James Gorman is bringing his 18-year stint at Morgan Stanley to an end
Brendan McDermid/Reuters
- Morgan Stanley chairman James Gorman is stepping down at the end of the year.
- The former CEO revealed his plans at the bank's annual shareholder meeting.
- Gorman joined Morgan Stanley in 2006 and helped steer the bank through the financial crisis.
James Gorman will leave Morgan Stanley at the end of 2024, bringing an 18-year stint at the investment bank to a close.
The chairman revealed his plans on Thursday at the bank's annual meeting, outlets including Bloomberg and Reuters reported.
Gorman, 65, stepped down as CEO at the end of last year and was succeeded by Ted Pick, who is expected to eventually take on the chairman role as well.
The Australian joined Morgan Stanley's wealth management team from Merrill Lynch in 2006 and was appointed as CEO in 2010, although his predecessor John Mack stayed on as chairman for another two years.
Part of Gorman's legacy was shepherding the bank through the financial crisis. In September 2008, Morgan Stanley shed $20 billion in valuation over a four-day period, reportedly forcing it to consider merging with rivals.
The stock has risen nearly 250% since Gorman took over as CEO. That's helped make him one of Wall Street's best-paid executives, netting a $37 million salary in 2023.
In an interview late last year, Gorman was asked to rate his time at Morgan Stanley and gave himself an "A-minus" grade — but said he was happy to be stepping down as CEO.
"I do not want to be CEO anymore. I've loved it. I've loved all of it. I've done it for 14 years, that's enough," he told the Financial Times.