Morgan Stanley CEO Gorman says successor would benefit from global experience

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FILE PHOTO: James P. Gorman, chairman & CEO of Morgan Stanley, testifies before a House Financial Services Committee hearing on Capitol Hill in Washington

NEW YORK -Morgan Stanley’s Chief Executive James Gorman believes his successor would benefit from global experience as well as strong “core values”, he said in an interview with Reuters Breakingviews.

Gorman, 63, who has led the bank for 12 years, said earlier this month he did not expect to be in his post in five years’ time, while emphasizing that he did not have immediate plans to leave.

The bank’s Head of Institutional Securities Ted Pick, Head of Wealth Management Andy Saperstein, Chief Operating Officer Jonathan Pruzan and Chief Financial Officer Sharon Yeshaya have all been identified by analysts as possible successors.

Asked about the qualities his successor will need, Gorman said: “High on the list would be the core values of the individual, in addition to specific skills you’d like them to have.”

Experience of working in different regions would also help, Gorman said.

“I had a very global background. I worked in Hong Kong for a little while, I spent a lot of time in Japan, I spent a lot of time in Europe, I worked in Spain for a little while. I think that helps.”

(Reporting by Matt Scuffham; Editing by Jan Harvey)


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