James Gorman, CEO of Morgan Stanley, announced his intention to step down from his position as CEO on Friday, igniting a battle for the throne at one of Wall Street’s most powerful companies.
At the bank’s annual meeting in New York, Gorman informed shareholders that the bank’s board had limited its search for a new CEO to three “very strong” internal candidates.
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Who is James Gorman?
James P. Gorman is the chairman and CEO of Morgan Stanley. He is an Australian-American financier.
Here’s all you need to know about James Gorman-
James Gorman net worth-
James Gorman has an estimated net worth of $175 Million dollars.
James Gorman age-
James Gorman was born on July 14, 1958, in Melbourne, Australia. He is 64 years old.
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James Gorman salary:
As per Reuters , Gorman’s overall pay increased by approximately 13% to $39.4 million in 2022. Gorman’s total 2022 compensation comprises a $1.5 million basic salary, a $7.5 million cash bonus, and $30.4 million in stock awards.
James Gorman relationship-
James Gorman is married to Pendleton Dedman.
According to a New York Times wedding announcement, she attended Smith College and worked in investment banking. The couple have 2 children.
James Gorman career-
He joined McKinsey & Company after graduating from Columbia and worked his way up to senior partner. He spent ten years at McKinsey working on the Merrill Lynch account and contributing to the creation of Merrill’s online internet strategy. He joined Merrill Lynch in 1999 to fill the recently created position of chief marketing officer. He also joined the executive management committee, which has 19 members. He took over the brokerage division of Merrill in less than two years.
In order to become the President and Chief Operating Officer of Morgan Stanley’s Global Wealth Management Group (GWMG), Gorman departed Merrill in February 2006. Gorman and Chief Financial Officer Colm Kelleher jointly assumed the additional job of Co-Head of Strategic Planning in October 2007. He and Walid Chammah were given the title of Co-President of Morgan Stanley in December 2007, and they were given day-to-day management of Wealth Management and Asset Management.
It was announced in September 2009 that he would take over as CEO of Morgan Stanley in January 2010. In January 2012, after John J. Mack retired, he also took over the role as Chairman. His remuneration as Chairman and CEO, according to press reports, was $9.75 million in 2012; the New York Times reported an increase to $18 million in 2013.
He was made an Officer of the Order of Australia (AO) in January 2020.
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James Gorman family
He is one of twelve children, two of whom have died. Gorman’s early life was spent in Melbourne, Australia.