CEO of Morgan Stanley, James Gorman, will be stepping down from his position.

During Morgan Stanley’s annual shareholder meeting, James Gorman announced his intention to step down as CEO within the next year. He revealed that the board had identified three highly qualified internal candidates to be considered for the position.

A race to succeed has begun at one of the leading firms on Wall Street. James Gorman was recently ranked No. 1 in a list of the world’s best CEOs for 2023; meanwhile, Morgan Stanley ranked No. 6 in the CEOWORLD magazine’s ranking of the most influential companies in the world.

After resigning as CEO, James Gorman, aged 64, has announced that he will temporarily assume the position of executive chairman. When the Australian-born executive took over as CEO, John Mack, Gorman’s predecessor, remained as chairman for two years.

“The specific timing of the CEO transition has not been determined, but it is the board’s and my expectation that it will occur at some point in the next 12 months,” Gorman said.

“That is the current expectation in the absence of a major change in the external environment,” he added.

Who will replace him?

Morgan Stanley’s three executives who lead the company’s main business lines are being considered as potential candidates to replace Gorman. The executives are Edward “Ted” Pick, who heads the institutional securities group, Andy Saperstein, who leads the wealth management division; and Dan Simkowitz, who manages investment management. Both Pick and Saperstein are co-presidents of Morgan Stanley. The company has not disclosed any information regarding specific candidates.

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