James Gorman announced that he will step down as chairman of Morgan Stanley at the end of 2024, ending his nearly two-decade career at the company. writes about this Bloomberg.
During this time, he saved the bank from collapse and turned it into a giant in the field of asset management, the publication said.
Gorman, 65, announced his decision at the company’s annual shareholders meeting on Thursday. A successor has not yet been named, but current CEO Ted Peake is expected to eventually take over the role.
Gorman’s departure, following the transfer of the CEO position in January, is seen as a vote of confidence in Peake’s management. When Gorman took over the then-troubled bank in 2010, his predecessor, John Mack, remained chairman for two years before eventually handing over the reins.
Last year, Gorman did something rare on Wall Street; appointed a successor while persuading unsuccessful candidates to stay with the company. Former McKinsey & Co. advisor. The agency said it had clearly anticipated the timing of the transfer of power and had previously hinted that it would step down as president by the end of the year.
It was previously known that Warren Buffett. warned about the difficulties at Berkshire after his departure.
It was before named Potential successor to Tim Cook as Apple’s chairman.
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Source: Gazeta
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