Gorman to step down as Morgan Stanley chairman at year-end

James Gorman will cede his role as Morgan Stanley chairman at year-end, capping a nearly two-decade run at the firm in which he rescued it from the brink of failure and turned it into a wealth-management powerhouse.

Gorman, 65, disclosed his plan Thursday (Friday AEST) at the company’s annual shareholder meeting. No replacement was immediately named, though chief executive officer Ted Pick is expected to take that post eventually.

Bloomberg