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, stated the board has recognized three sturdy candidates to succeed him and that he’ll change into 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. Below his management MS inventory has been among the best performing financials, so I count on buyers might be upset 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 quite a lot of effort to bolster the management ranks and to coach and promote potential successors there. He is been fairly clear by way of establishing a bench that might be there to have the ability to assist him when and if he selected to depart. So, I do not anticipate any main change in strategic course, and I’d suppose that the transition can be comparatively orderly.
PHIL BLANCATO, CHIEF EXECUTIVE OFFICER, LADENBURG THALMANN ASSET MANAGEMENT, NEW YORK:
“I’d applaud James Gorman right here for taking the precise time to step down. The man has executed a superb job navigating the financial institution. It is an organization that has executed fairly properly 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 executed a masterful job of remodeling Morgan Stanley into the mannequin that the majority main banks wish to be, with a deal with asset administration, monetary advisors, and a street map to get to $10 trillion in property beneath administration.”
KIM FORREST, CHIEF INVESTMENT OFFICER, BOKEH CAPITAL PARTNERS, PITTSBURGH:
“It has actually been an awesome performing inventory and I feel it is largely due to Gorman’s deal with the brand new world of how issues are executed. His deal with offers was good, but additionally 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
Our Requirements: The Thomson Reuters Belief Rules.
