Morgan Stanley board considers next CEO while Gorman clears the decks


Business & Finance

Reuters exclusively reported that Morgan Stanley’s (MS.N) board will focus on the selection of CEO James Gorman’s successor at its summer and fall meetings, while the outgoing boss looks to clear the decks by resolving major regulatory matters. Sources say Morgan Stanley co-presidents Ted Pick and Andy Saperstein are widely viewed as the front-runners for the top job, with Pick seen as having a slight edge.

Market Impact

Since taking the helm, Australian-born Gorman, 64, has transformed Morgan Stanley through a series of major deals into a wealth management powerhouse that aims to manage $10 trillion in assets. Wall Street succession plans have come into focus in recent months as the tenures of financial crisis-era leaders stretch on. The appointment of Gorman’s successor will be watched closely, both for its significance at the firm, and more broadly in an industry that faces a weaker economic outlook, rising geopolitical tensions and sweeping technological change.

Article Tags

Topics of Interest: Business & Finance

Type: Reuters Best

Sectors: Business & Finance

Regions: Americas

Countries: United States

Win Types: Exclusivity

Story Types: Exclusive / Scoop

Media Types: Text

Customer Impact: Important Regional Story

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