Morgan Stanley CEO James Gorman told shareholders on Friday that the bank is likely to name its next CEO within the next year.
James Gorman (James Gorman), now 64, said the bank’s board has identified three candidates for his position and promised to become executive chairman as soon as a new CEO is chosen.
Ted Pick (Ted Pick) and Andy Saperstein (Andy Saperstein), co-presidents of Morgan Stanley, as well as Dan Simkowitz (Dan Simkowitz), head of investment management, are considered potential candidates for the company’s top position.
“Succession is a matter of paramount importance to shareholders, employees and customers, and no, I’m not talking about the plot of the TV series,” Gorman joked at the time he made the announcement, showing his characteristic dry humor.
“And of course, I’m not going to leave, repeating the fate of Logan Roy,” he added, referring to the protagonist of the HBO television show about the media mogul’s family.
In the series, Roy dies without choosing a successor as CEO of the company.
Under the leadership of James Gorman, Morgan Stanley has undergone a significant transformation, transforming the Wall Street financial conglomerate into a more diversified company that no longer relies solely on trade and investment banking. He took over as CEO in 2010.
Significant deals have been made under his leadership, including the acquisition of investment manager Eaton Vance, online broker E*Trade and software provider Solium Capital. He also played a key role in Morgan Stanley’s purchase of Smith Barney. Smith Barney is a brokerage and investment advisor and has become an important part of the bank’s asset management division.
Morgan Stanley’s first-quarter earnings beat expectations as growth in asset management revenues offset lower investment banking and trading revenues. The data showed that 45% of the company’s revenue comes from wealth management.