Morgan Stanley executive chairman James Gorman will step down at year end

NEW YORK, May 23 (Reuters) – Morgan Stanley’s (MS.N), opens new tab executive chairman James Gorman told the bank’s annual shareholder meeting on Thursday that he would step down on Dec. 31.

The former CEO cited the “successful transition” of his successor Ted Pick into the top job at the start of this year.

The bank’s stock fell nearly 1% in morning trading.

The former CEO spent 14 years at the helm and is credited with transforming the bank into a wealth management powerhouse. He also orchestrated a succession plan in which Ted Pick took the reins at the same time as retaining the two other CEO candidates, executives Andy Saperstein and Dan Simkowitz, a rarity on Wall Street.