Morgan Stanley chair James Gorman to step down this year
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The news: James Gorman will step down as chair of Morgan Stanley at the end of the year, ending the Australian-born executive's near-20 year stint at the investing giant.
The numbers: Gorman joined Morgan Stanley in 2006, and served as CEO from 2010 and chair from 2012. In January this year he ceded the CEO role to Ted Pick.
Gorman, who also serves as a director for The Walt Disney Company and the Council on Foreign Relations, oversaw a revival of Morgan Stanley after joining from Merrill Lynch, and was credited with saving the firm from collapse by leading a transformation in the aftermath of the 2008 financial crisis.
While Morgan Stanley's shares have added 8% this year, they have gained the least compared to its peers, according to Bloomberg.
The context: Gorman made the announcement at the company's annual shareholder meeting on Thursday EDT. While no replacement was named, current CEO Pick is eventually expected to fill the role.
The source: Bloomberg
