Wall Street, understandably, often has trouble with succession. Who in their right mind would voluntarily relinquish a top job that pays many millions and requires everyone to hang on your every word? Very few, it turns out. Why do you think Jamie Dimon, now 67 years old and in his 20th year at JPMorgan Chase, sticks around, without a clear successor? Brian Moynihan, 64, remains atop Bank of America after 14 years, also without a clear successor.
So, on the rare occasion when Wall Street gets C.E.O. succession right, it’s worth celebrating, or at least noting. That’s why so much ink has been spilled in the last few months about the successful leadership hand-off at Morgan Stanley, where James Gorman recently passed the torch to Ted Pick without a whole lot of angst. (Gorman’s reward for a job well done was a seat on the Disney board of directors, where he can help Bob Iger with his succession problem.)
