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Morgan Stanley CEO Gorman ‘Not Going to Be Here’ in Five Years

(Bloomberg) — Morgan Stanley Chief Executive Officer James Gorman, who has been in the job for 12 years, reiterated his plan to exit his role within five years.

“I’m not leaving now and I’m not going to be here in five years,” Gorman, 63, said on a call Wednesday discussing fourth-quarter earnings. “We are developing breakthroughs. I will be here for a few years and I look forward to seeing these integrations complete.

Gorman told the bank’s board last year that he planned to stay on for at least three more years, Bloomberg reported in May. Succession for bank owners has taken center stage in recent months, with executives being awarded millions of dollars in special prizes amid record profits.

JPMorgan Chase & Co. CEO Jamie Dimon, who has had a long-running joke about retiring in five years, no matter what he was asked, gave him a gift in July to persuade him to stay. was – a stock award that would not be able to be exercised for at least five years.

“I want to see us firmly on this path, and I want to pass it on to someone else who can lead us into the next decade,” Gorman said.

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