Business & Finance
29 June 2023, 2:34 pm 1 minute
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.
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.
Topics of Interest: Business & Finance
Type: Reuters Best
Sectors: Business & Finance
Countries: United States
Win Types: Exclusivity
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Important Regional Story