by Nupur Anand and Manya Saini
NEW YORK, May 23 (Reuters) – Morgan Stanley Chairman James Gorman announced on Thursday at the bank’s annual shareholder meeting that he would step down on December 31.
The former managing director of the American group spoke of the “successful transition” with his successor Ted Pick, who took office at the start of the year.
His remuneration in 2023, his final year as chief executive, increased by 17% to $37 million (€34.15 million).
James Gorman spent 14 years at the helm of the bank and is credited with transforming it into a pillar of wealth management.
He also orchestrated a succession plan in which Ted Pick took the reins while retaining the two other candidates for the position, Andy Saperstein and Dan Simkowitz, a rare thing on Wall Street. (Reporting by Nupur Anand in New York, with Manya Saini in Bangalore, editing by Kate Entringer)
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