James Gorman is bringing his 18-year stint at Morgan Stanley to an end

microsoft, james gorman is bringing his 18-year stint at morgan stanley to an end

Morgan Stanley chairman James Gorman. Brendan McDermid/Reuters

  • Morgan Stanley chairman James Gorman is stepping down at the end of the year.
  • The former CEO revealed his plans at the bank's annual shareholder meeting.
  • Gorman joined Morgan Stanley in 2006 and helped steer the bank through the financial crisis.

James Gorman will leave Morgan Stanley at the end of 2024, bringing an 18-year stint at the investment bank to a close.

The chairman revealed his plans on Thursday at the bank's annual meeting, outlets including Bloomberg and Reuters reported.

Gorman, 65, stepped down as CEO at the end of last year and was succeeded by Ted Pick, who is expected to eventually take on the chairman role as well.

The Australian joined Morgan Stanley's wealth management team from Merrill Lynch in 2006 and was appointed as CEO in 2010, although his predecessor John Mack stayed on as chairman for another two years.

Part of Gorman's legacy was shepherding the bank through the financial crisis. In September 2008, Morgan Stanley shed $20 billion in valuation over a four-day period, reportedly forcing it to consider merging with rivals.

The stock has risen nearly 250% since Gorman took over as CEO. That's helped make him one of Wall Street's best-paid executives, netting a $37 million salary in 2023.

In an interview late last year, Gorman was asked to rate his time at Morgan Stanley and gave himself an "A-minus" grade — but said he was happy to be stepping down as CEO.

"I do not want to be CEO anymore. I've loved it. I've loved all of it. I've done it for 14 years, that's enough," he told the Financial Times.

If you enjoyed this story, be sure to follow Business Insider on Microsoft Start.

OTHER NEWS

15 minutes ago

Here's how much the price of gold has dropped since May (and why you should still invest)

15 minutes ago

NRL News: Chad chats with club for Sydney swansong, Edwards primed for delayed Origin debut

15 minutes ago

Driving test fail rates rise as young people race to book test slots anywhere they can

15 minutes ago

Gadecki leads big Aussie charge at Wimbledon qualifying

15 minutes ago

Sánchez could earn up to $54.5M with Phillies from 2025-30 if he wins 2 Cy Young Awards

15 minutes ago

Elly De La Cruz hit a long homer and drives in 3 runs as Reds rout Pirates 11-5

15 minutes ago

A Shopper Who Bought This Retinol Serum 6x Calls It 'an Eraser' for Wrinkles

15 minutes ago

BTS' V ‘TYPE 1' Is Coming, Katy Perry Previews Lyrics At Paris Fashion Week & More | Billboard News

15 minutes ago

Slater and DCE on cusp of joining Maroons great duos

15 minutes ago

Camila Cabello name checks Cristiano Ronaldo and prompts an awkward exchange with the audience; 'Don't boo me'

15 minutes ago

Decades after war, North Korea still builds borders, draws warning shots

15 minutes ago

Martin Lewis expert warns millions of Brits have wrong tax code due to mistake

15 minutes ago

Darkan pensioner Danny Reinhold allowed to keep living in his bus after WA minister intervenes

15 minutes ago

'MZ Queen' Lee Young-ji Conquers Music Charts with Debut Album

15 minutes ago

Emperor and Empress of Japan visit the royal family

15 minutes ago

Chaos at Heathrow after British Airways IT failure causes delays

15 minutes ago

GM reveals the American Holden Commodore that never was

15 minutes ago

Officials close popular California beaches amid sewage-contaminated waters: ‘Profound public health crisis’

18 minutes ago

‘Black Ice: The Rhythm' movie highlights challenges underserved communities face in sport of ice hockey

22 minutes ago

Perth traffic: Peak-hour gridlock after crash on Kwinana Freeway northbound at Leach Highway, Bateman

22 minutes ago

More areas seeking 'cool' post-pandemic nightlife boost

22 minutes ago

This Low-cost Airline Is Adding 3 New Routes to Florida — and Is Celebrating with Major Discounts

22 minutes ago

Dreaming of moving to Italy? Tuscany will pay you up to $32,000 to buy a home in a village

22 minutes ago

Banks one of three Britons to progress in qualifying

22 minutes ago

UK heatwave: Full list of areas where it will be 30C and hotter than Ibiza

22 minutes ago

Six million antelope make up world’s largest land mammal migration, but poaching on rise

22 minutes ago

EU Council approves draft security agreement with Ukraine

22 minutes ago

WikiLeaks’ Julian Assange arrives at court before guilty plea in deal with US securing his freedom

22 minutes ago

The yuan's status as a global currency might be gaining ground. But top CEOs see more hurdles to clear

27 minutes ago

Video: Roy Keane names the one England player with 'X-factor' after drab draw with Slovenia... as he admits he's 'always excited to watch' the 'amazing' Three Lions star

28 minutes ago

Ian Wright offers suggestion for how England can fit Cole Plamer in their side at Euro 2024... as he insists the forward needs to play 'for balance and fluidity' in the Three Lions team

28 minutes ago

Frisky GOP Michigan Rep. Neil Friske claims he was ‘framed’ after arrest for assaulting, chasing stripper with gun

28 minutes ago

16 Nobel Prize-winning economists warn Trump policies will reignite inflation

28 minutes ago

2025 Volkswagen Golf R: This Is It

29 minutes ago

Promising rookie may have to battle for roster spot in 2024

29 minutes ago

Perinatal depression may increase cardiovascular disease risk

29 minutes ago

İbrahim Çelikkol involved in car accident, escapes with minor injuries

29 minutes ago

Jack Grealish posts a video of himself back on the training pitch during England's dire goalless draw with Slovenia - after being axed from Gareth Southgate's Euro 2024 squad

29 minutes ago

Decorated ex-Royal Marine detained by UAE ‘relieved’ to be back in Britain

29 minutes ago

Doctor Who season 2: Release date speculation, cast, and everything we know about Ncuti Gatwa’s next season