According to Bloomberg News, the chief executive officer of Morgan Stanley, Gorman, has hinted that he will step down as Chair in 2024. He is preparing to give way to his successor. He said he would do so towards the end of this year and vacate his post as Chairman by the end of 2024.
About Stepping Down of the CEO
He said that he would continue to stay for most of the year, even if not for the entire one. However, he will not be staying any longer than that. He was quoted as saying Tuesday at an interview broadcast hosted by Nikkei at the Global Management Dialogue forum.
Earlier, he said he did not plan to stay “too long.” He also said that he would pave the way for his successor, Chief Executive Officer-elect Ted Pick, so that he could make his mark on the company on Wall Street.
He said that it was time for his successor to move ahead without him around so that his successor could take the company to new heights. Gorman stated that after 14 long, hard years, it was time for him to explore other things that he could do in his life.
Changes in Other Hierarchical Structures
Pick, a co-president and a veteran for almost 30 years associated with the firm will be promoted to the top role in January. He will join the board, as per an announcement from the bank in October. It was declared simultaneously that Gorman would continue as executive chairman.
Gorman’s Wish
Gorman Tuesday said he has interest in teaching for a while at a university. He said he would like to help the other chief executive officers and support them to turn their businesses around.
Aside from the same, he expressed his wish to spend more time with his family in Australia and the United States and play more golf.
