Morgan Stanley’s
MS,
stock is down 0.8% early Friday as CEO James Gorman aired a plan at the bank’s annual general shareholder meeting to step down in the next 12 months. “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,” Gorman said, according to a transcript provided to MarketWatch. “That is the current expectation in the absence of a major change in the external environment.” Gorman has been open about succession planning and said in an interview at Davos, Switzerland, in January that a number of potential successors are in the running.w at Davos in January that a number of potential successors were in the running.
