Morgan Stanley CEO James Gorman plans to step down within a year but stay on as executive chairman
Gorman said that he will become executive chairman once a new CEO is chosen, a board title seen as more heavily involved in the company's affairs than non-executive director roles.
Veteran bank analyst Dick Bove said Gorman's retirement is a blow to the company. "The failure to announce a successor will tear the company apart if it is not done quickly," Bove, a bank analyst at Odeon, wrote in a note.refocused the Wall Street firm He was also the key architect behind Morgan Stanley's purchase of Smith Barney, a brokerage and investment adviser that became a cornerstone of the bank's wealth management arm.into the model that most major banks want to be, with a focus on asset management, financial advisers," said Art Hogan, chief market strategist at B Riley Wealth in Boston.The bank earlier this month said it's in talks to resolve a more than year-long investigation by U.S.
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