Morgan Stanley Chief Stepping Down in the Next Year

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Morgan Stanley CEO James Gorman. (BRENDAN MCDERMID/REUTERS)

James Gorman announced that he will step down as CEO of Morgan Stanley within the next 12 months. This marks the end of a 13-year period during which he restructured the Wall Street Bank and made it more sensitive to fluctuations in the financial markets.

Gorman told Morgan Stanley's annual shareholders meeting on Friday morning that he expected a new CEO would be selected within the next year.

Gorman stated that the board had identified three highly qualified candidates for the position of next CEO. Gorman has said that he will be the executive chairman of the board for a time after the new CEO assumes control.

Morgan Stanley

MS (U.S. : NYSE).