Gorman’s Goodbye: Inside a C.E.O. Succession Bake-Off

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Welcome back to Dry Powder. I’m Bill Cohan.

Longtime Morgan Stanley C.E.O. James Gorman will be exiting the job “sometime in the next 12 months,” and a succession bake-off is underway. In today’s issue, I tap my sources for an inside look at who might take the reins, plus why Jamie Dimon is holding on at JPMorgan Chase.

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Gorman’s Goodbye: Inside a C.E.O. Succession Bake-Off

I talk to a lot of well-wired people inside Morgan Stanley all the time: here’s what’s going to happen next. Plus notes on succession planning inside my old stomping grounds: Lazard and JPMC.

WILLIAM D. COHAN

During Morgan Stanley’s annual shareholders meeting, last Friday, C.E.O. JamesGorman announced that he was leaving the job “sometime in the next 12 months” and that he would then become the firm’s executive chairman “for a period of time.” Notably, Gorman’s handling of the succession question at Morgan Stanley distinguishes him from his Wall Street rival, Jamie Dimon. Whereas Jamie has muddled the succession puzzle at JPMorgan Chase, Gorman has clarified it at Morgan Stanley, to his considerable credit. “An issue of paramount importance to shareholders, employees and clients is of course succession,” he told the...

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