Morgan Stanley’s CEO James Gorman has decided to step down from his position after thirteen years at the position. He announced on Friday to the bank’s shareholders will resign within a year but will stay as executive chairman.
He said that he will take up the new role once a new CEO has been selected.
The company’s board of directors has already found three candidates to take Gorman’s place but hasn’t disclosed their names.
According to Reuters, co-presidents Ted Pick and Andy Saperstein, and head of investment management Dan Simkowitz are the most likely candidates for the role of Morgan Stanley‘s CEO. However, the three most mentioned contenders for Gorman’s position have spiked debates about diversity on Wall Street.
