Morgan Stanley’s CEO to step down after 13 years

Morgan Stanley’s CEO, James Gorman, is stepping down after leading the bank for 13 years and will transition to the role of executive chairman within the next 12 months, Gorman announced on Friday.

“The specific timing of the CEO transition has not been determined, but it is the board’s and my expectation that it will occur at some point in the next 12 months. That is the current expectation in the absence of a major change in the external environment,” said Gorman.

The board of directors has three senior internal candidates to potentially take over as the next chief executive. Gorman has expressed his optimism about Morgan Stanley’s state, saying that it is safe from the current turmoil in the banking sector and the collapse of three regional banks.