James Gorman, reflecting on his tenure as Morgan Stanley's CEO, assigned himself an A- rating, signifying a successful but not flawless leadership.
Gorman, who steps down from his role, emphasized the company's robust performance under his guidance, noting a substantial tripling of the stock value. His modest self-assessment is grounded in a balance between humility and acknowledgment of his accomplishments.
As he prepares to pass the baton to Ted Pick, the investment bank's co-president, on January 1, 2024, Gorman's legacy at Morgan Stanley is marked by significant growth, with revenues soaring to $66 billion in 2022 from their previous levels.
His strategic direction was particularly evident in the first quarter of 2023, where Morgan Stanley accrued $109.6 billion in new client assets, a notable portion of which originated from advisors and clients of regional banks during the banking crisis.
Gorman attributes these successes, in part, to his effective management in contrast to the failures caused by mismanagement in other banks.
Despite his remarkable track record, Gorman expressed a readiness to close this chapter of his career. His 14-year tenure, filled with passion and dedication, reaches its conclusion as he looks forward to new ventures.
Gorman's future endeavors include a position on Walt Disney's board and a more prominent role in academia as the chair of Columbia Business School. These pursuits align with his vision of exploring diverse professional landscapes beyond the confines of bank leadership.
Gorman's decision to step down not only marks the end of an era at Morgan Stanley but also reflects a thoughtful transition in leadership, ensuring continuity and stability for the firm's future. His departure by the end of 2024 from his current role as executive chairman is a testament to his belief in the importance of evolution and change in both personal and professional realms.
