James Gorman to leave Morgan Stanley at end of year
Morgan Stanley executive chairman James Gorman announced on Thursday that he would step down from his role at the end of the year, in remarks at the bank's annual shareholder meeting.
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According to Reuters, Gorman - who previously served as chief executive officer for 14 years - highlighted the “successful transition” of his successor Ted Pick, who assumed the top job at the beginning of this year.
Gorman had seen Morgan Stanley pivot its focus to wealth management, before orchestrating a succession plan that saw Ted Pick take the helm while retaining the two other CEO candidates Andy Saperstein and Dan Simkowitz.
During the meeting, shareholders approved all management proposals, including the election of directors and executive pay packages, while rejecting all shareholder proposals.
Notably, influential proxy adviser Glass Lewis had advised shareholders to vote against the bank's executive pay proposal.
Gorman received a $37m award from the board, while Pick and the two other CEO candidates received $20m one-time awards each.
Morgan Stanley's first-quarter profit beat expectations, driven by a resurgence in investment banking and growth in wealth management.
The bank’s annual meeting lasted less than half an hour, Reuters said, with Gorman noting it was the fastest meeting in 15 years.
Reporting by Josh White for Sharecast.com.