Morgan Stanley (NYSE: MS) will appoint its next chief executive officer within 12 months, succeeding the company's current CEO, James P. Gorman.
The company has identified a few "strong candidates" for the position, Reuters reported.
Morgan Stanley's co-presidents Ted Pick and Andy Saperstein, Chief Operating Officer Jonathan Pruzan, and head of investment management Dan Simkowitz are likely contenders for the position.
Gorman, who also holds the position of chairman of the company, is aged 64 years. He joined the firm in February 2006.
In January 2010, Gorman became the CEO of Morgan Stanley and Chairman in January 2012.
Reuters added that he would become the executive chairman of Morgan Stanley once a new CEO is chosen.
Morgan Stanley has been in the headlines for labor force termination lately amid rising recessionary pressure.
Price Action: MS shares are trading lower by 2.24% at $82.60 on the last check Friday.
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This article Morgan Stanley May Get New CEO Succeeding James Gorman Within 12 Months originally appeared on Benzinga.com
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