Morgan Stanley’s James Gorman, preparing to step down as the firm’s leader at the end of this year, said he will also vacate his post as chairman by the end of 2024.
“I’ll certainly stay most of the year, if not the whole year, but I won’t stay longer,” Gorman said Tuesday in an interview broadcast at the Global Management Dialogue forum hosted by Nikkei. He previously said he didn’t plan to stay “too long,” so that he could clear the way for chief executive officer-elect Ted Pick to make his mark on the Wall Street firm.
“It’s time for my successor to forge forth without me around and take this company to new levels,” Gorman said Tuesday. “It’s time for me after 14 long, hard years to find some other things to do in my life.”
Pick, a co-president and three-decade veteran of the firm, will be elevated to the top role in January and join the board, the bank announced in late October. Gorman will stay on as executive chairman, it said at the time.
The stock has gained more than 6% since the announcement, outpacing the S&P 500 Financials Index.
Gorman said Tuesday he would like to teach for a bit at a university, and help other CEOs turn around their businesses.
“I’d like to spend more time with my family both in the United States and in Australia,” he said. “And I’d like to play more golf.”
The banker also pushed back on the notion of entering politics, saying, “I don’t like sharks.”
FINRA's proposed rule filing would create a new 10-day fraud delay and nearly triple the maximum hold period for exploited senior investors
Fueled by a recent shot in the arm from private equity firm Carlyle, MAI adds a $490 million Atlanta RIA as it keeps building out its national footprint.
“Todd Burkhalter organized what is likely the largest Ponzi scheme in Georgia history,” said one FBI official.
With experience from Goldman Sachs and TD Ameritrade, the RIA's newest SVP hire adds to a recent wave of executive departures from hybrid Osaic.
Chicago-based Mesirow Fiduciary Solutions adds flexPATH's plan-level outsourced fiduciary book, boosting its retirement market reach to $164 billion.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
