Speaking at its annual shareholder meeting today, Morgan Stanley’s (NYSE:MS) Chairman and CEO James Gorman has said he will be vacating his role as the head of the financial services giant within the next 12 months.
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Gorman has been at the helm of Morgan Stanley since 2010 and now plans to act as the company’s Executive Chairman. Further, the company’s Board has honed in on three potential candidates (internal) to take on the CEO’s mantle.
Overall, the Street has a $98.71 consensus price target on Morgan Stanley alongside a Moderate Buy consensus rating. During Gorman’s stint at Morgan Stanley, shares of the company have surged from $12 lows in 2011 to the present $84 level.
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