Reported 6 months ago
Morgan Stanley's executive chairman James Gorman announced at the bank's annual shareholder meeting that he will step down on Dec. 31, citing the successful transition of his successor Ted Pick earlier in the year. Gorman, who spent 14 years at the helm, is credited with transforming the bank into a wealth management powerhouse and orchestrating a unique succession plan with two other CEO candidates. The shareholders approved all management proposals, including executive pay, despite influential proxy adviser Glass Lewis urging against it. Gorman was awarded $37 million by the board, while Pick and the other CEO candidates received $20 million one-time awards. The article notes that Morgan Stanley's first-quarter profit exceeded estimates, driven by growth in wealth management and investment banking.
Source: YAHOO