Summary
Morgan Stanley announced a significant leadership transition effective January 1, 2025. Edward Pick, currently the Chief Executive Officer, will assume the role of Chairman of the Board of Directors. This move signals continuity in leadership as Pick, who has led the company as CEO, will now also guide the board. James P. Gorman, who has served as Chairman and CEO, will transition to Chairman Emeritus. This is an honorary, non-director designation. Gorman will also serve as a non-employee advisor to the company for two years, from January 1, 2025, through the end of 2026, leveraging his extensive experience and relationships to benefit Morgan Stanley's global business. This advisor role includes an annual fee of $400,000, continuation of health benefits, and other support, with the Board retaining discretion over the arrangement.
Key Highlights
- 1Edward Pick to become Chairman of the Board of Directors, effective January 1, 2025.
- 2Pick will transition from his current role as Chief Executive Officer.
- 3James P. Gorman named Chairman Emeritus, a non-director honorary designation, effective January 1, 2025.
- 4James P. Gorman to serve as a non-employee advisor for two years (Jan 2025 - Dec 2026).
- 5Gorman's advisory role includes an annual fee of $400,000, health benefits, and access to support.
- 6The company cited Gorman's extensive experience and relationships as valuable for the advisory role.
- 7The Board of Directors retains discretion over Gorman's advisory arrangement.