Activist investor Nelson Peltz revealed that he played a role in reconnecting Tesla CEO Elon Musk with President-elect Donald Trump by hosting a breakfast meeting at his home. Peltz believes Musk's support was crucial for Trump's campaign success. Additionally, Peltz discussed his past proxy fight with Disney and predicted that a new CEO will be named next year, contrary to previous expectations of 2026. He expressed confidence in James Gorman's ability to find a suitable successor to Bob Iger.
Morgan Stanley paid its CEO James Gorman $37 million in his final year, as reported by the Financial Times. This compensation comes as Gorman is set to step down as CEO, with his successor taking over in April.
Morgan Stanley's CEO, James Gorman, predicts that the markets will "take off" as the Federal Reserve shifts its focus towards interest rate cuts. Gorman's optimistic outlook suggests that the potential rate cuts will provide a boost to the markets, creating opportunities for investors.
The Walt Disney Co. has announced the addition of former Group CEO of Sky, Jeremy Darroch, and Morgan Stanley CEO, James Gorman, to its board of directors. Francis A. deSouza plans to surrender his seat at the end of his term. The nominations of Gorman and Darroch will be voted on by shareholders at Disney's annual meeting in early 2024. The appointments come after an activist push by investor Nelson Peltz to gain seats on Disney's board.
Disney has appointed James Gorman, CEO of Morgan Stanley, and Jeremy Darroch, former chief of Sky, to its board of directors. The additions temporarily increase the board to 13 members. Francis A. deSouza, a current board member, will not seek reelection as he pursues opportunities in the technology sector. The appointments reflect Disney's commitment to a strong board focused on long-term performance, strategic growth, succession planning, and increasing shareholder value. Gorman and Darroch bring extensive leadership experience in their respective industries.
Morgan Stanley has announced that Ted Pick, a three-decade veteran of the firm, will be its next chief executive, replacing James Gorman. Pick's appointment concludes an unusually public three-way race for the position, with Andy Saperstein and Dan Simkowitz becoming co-presidents. Pick, who joined Morgan Stanley in 1990, will take over in January and inherit a bank that has undergone significant changes under Gorman's leadership, including a focus on wealth management and acquisitions. The bank's stock has fallen this year, but both Gorman and Pick emphasized that the leadership change does not signal a shift in strategy.
Morgan Stanley has announced that longtime insider Ted Pick will succeed James Gorman as CEO on January 1, ending a closely watched succession race. Pick, a 33-year veteran of the company, currently leads the institutional securities division and previously led a turnaround in the fixed-income trading division. Two other executives, Andy Saperstein and Dan Simkowitz, were also given new titles and responsibilities. Gorman will transition to the role of executive chairman. Since Gorman became CEO in 2010, Morgan Stanley's stock has climbed 141%.
Morgan Stanley has chosen Ted Pick as the successor to James Gorman as CEO. Pick, who currently serves as the head of the investment banking division, will take over the role in 2022. Gorman will transition to the position of executive chairman. The decision comes as Morgan Stanley aims to maintain its strong performance and navigate the challenges of the post-pandemic era.
Morgan Stanley has announced that Ted Pick, a veteran of the bank who currently leads its Wall Street operations, will succeed James Gorman as CEO starting January 1, 2024. Pick, who was co-president of Morgan Stanley for the past two years, will also join the bank's board. Gorman will remain as executive chairman. The announcement concludes the top succession race on Wall Street, with Pick considered the frontrunner due to his experience and expertise in leading one of the industry's leading firms.
Morgan Stanley reported second-quarter earnings and revenue that exceeded analysts' expectations, driven by record wealth management results. The bank's profit declined 13% due to lower trading results and severance costs from layoffs. However, revenue increased 2% to $13.46 billion. Under CEO James Gorman, the focus on wealth management has boosted the firm's valuation. Despite lower market levels, wealth management revenue rose 16% to $6.66 billion, surpassing estimates. The Wall Street division, however, experienced an 8% drop in revenue, primarily driven by declines in trading. Investment banking revenue remained relatively unchanged.
Morgan Stanley CEO James Gorman, who revitalized the bank into a wealth management giant after the 2008-2009 crisis, plans to step down within the next 12 months. Gorman's exit will further reduce the number of CEOs at large U.S. banks who have persisted in their roles since the crisis, signifying the disappearing links to that era at the nation's leading financial institutions. Of the top 25 U.S. financial holding companies, just five have CEOs who either guided their firms through the financial crisis or began their tenures during it.
James Gorman, CEO of Morgan Stanley, has announced his retirement within the next 12 months. He will remain as executive chairman of the board while the company searches for his successor from within, with three candidates currently under consideration. Gorman became CEO in 2010 and oversaw major deals including the acquisitions of Eaton Vance, E*Trade, and Solium Capital. Wealth management accounted for 45% of the firm's revenue in the first quarter of 2023.
James Gorman is the CEO of Morgan Stanley, one of the largest banks in the world. He has been credited with turning around the bank's fortunes after the financial crisis and has been a vocal supporter of Taylor Swift. Gorman has also been a proponent of diversity and inclusion in the workplace, and has made efforts to increase the number of women and minorities in leadership positions at the bank.
James Gorman, the CEO of Morgan Stanley, is set to step down within a year, according to sources. The bank is said to be working on a succession plan, with a formal announcement expected in the coming months. Gorman has been at the helm of Morgan Stanley since 2010 and oversaw the bank's transformation into a more stable and profitable financial services firm.
James Gorman, the CEO of Morgan Stanley, announced that he will step down from his position within the next 12 months, ending his tenure as one of the longest-serving bank chiefs on Wall Street. Morgan Stanley's stock fell more than 2 percent after the announcement. Gorman's time as CEO has been marked by stability, and the bank has avoided the consumer banking issues of its rival Goldman Sachs. Morgan Stanley has recently been squeezed by a downturn in its bread-and-butter work of helping companies to go public, merge and acquire others. Gorman did not identify a successor, but noted that there were three "very strong" internal candidates to take over.
