Morgan Stanley’s James Corman to step down as executive chairman

He highlighted the successful transition of the new CEO in his announcement.

Morgan Stanley’s executive chairman James Corman is stepping down from his role on 31 December.

Corman announced his impending departure at the bank’s annual shareholder meeting on 23 May, citing the “successful transition” of his successor Ted Pick into the CEO role at the start of 2024.

Corman spent 14 years as CEO of Morgan Stanley. He is credited with transforming the bank into a wealth management powerhouse.

ALSO READ: Japan’s Norinchukin Bank proposes changes to board

The shareholder meeting also saw the approval of executives’ pay and election of directors.

Gorman was awarded $37m by the company’s board, whilst Pick and executives Andy Saperstein and Dan Simkowitz– who were CEO candidates before Pick was chosen– were given $20m one-time awards.

Here’s more from Reuters:

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