NEW YORK, Could 19 (Reuters) – Morgan Stanley (MS.N) CEO James Gorman advised shareholders Friday that the corporate will doubtless appoint its subsequent CEO within the subsequent 12 months.
Gorman, 64, mentioned the board has recognized three sturdy candidates to succeed him and that he’ll turn out to be govt chairman as soon as a brand new CEO is chosen.
Shares of Morgan Stanley slipped about 1% to $83.84 in morning buying and selling.
COMMENTS:
STUART COLE, HEAD MACRO ECONOMIST, EQUITI CAPITAL, LONDON:
“Gorman has been at MS for a very long time now, and was very a lot behind the acquisition by MS of E*Commerce Monetary Corp and Eaton Vance Corp, each of which have been very profitable for MS. Beneath his management MS inventory has been among the finest performing financials, so I count on buyers will probably be dissatisfied he’s leaving and can see him as a tough act to observe.”
JOHN GUARNERA, SENIOR CORPORATE ANALYST AT RBC BLUERAY ASSET MANAGEMENT:
“James Gorman has taken lots of effort to bolster the management ranks and to coach and promote potential successors there. He is been fairly clear when it comes to establishing a bench that will be there to have the ability to help him when and if he selected to go away. So, I do not anticipate any main change in strategic path, and I’d suppose that the transition could be comparatively orderly.
PHIL BLANCATO, CHIEF EXECUTIVE OFFICER, LADENBURG THALMANN ASSET MANAGEMENT, NEW YORK:
“I’d applaud James Gorman right here for taking the fitting time to step down. The man has achieved a superb job navigating the financial institution. It is an organization that has achieved fairly nicely for itself within the midst of a time when different banks haven’t.”
ART HOGAN, CHIEF MARKET STRATEGIST, B RILEY WEALTH, BOSTON:
“James Gorman has achieved a masterful job of remodeling Morgan Stanley into the mannequin that almost all main banks wish to be, with a concentrate on asset administration, monetary advisors, and a highway map to get to $10 trillion in belongings below administration.”
KIM FORREST, CHIEF INVESTMENT OFFICER, BOKEH CAPITAL PARTNERS, PITTSBURGH:
“It has actually been an important performing inventory and I believe it is largely due to Gorman’s concentrate on the brand new world of how issues are achieved. His concentrate on offers was good, but in addition on enabling trades, that’s one thing that they actually got down to seize as a market. Constructing out their wealth administration division has been an actual boon to the corporate and so they bested Goldman in that follow.”
Reporting Ankika Biswas and Jaiveer Shekhawat
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