Morgan Stanley (NYSE:MS) shares are trading lower on Thursday.
The banking behemoth's Executive Chairman James Gorman reportedly said at the bank's annual shareholder meeting on Thursday he would step down on Dec. 31, 2024.
After 14 years leading the bank, the former CEO is praised for shaping it into a wealth management leader, Reuters reported.
The former CEO noted the smooth transition of his successor, Ted Pick, to the top position earlier this year, citing success.
He executed an uncommon succession plan, appointing Ted Pick while retaining CEO candidates Andy Saperstein and Dan Simkowitz.
Gorman received $37 million, with Pick and the other CEO candidates granted $20 million one-time awards, Reuters added.
Shareholders greenlit management's proposals, including director elections and executive compensation, while rejecting all shareholder proposals.
Despite proxy adviser Glass Lewis advising against it, the bank's executive pay proposal passed, Reuters added.
Last month, Morgan Stanley reported first-quarter revenues of $15.1 billion, beating the consensus of $14.34 billion. The Wealth Management division generated $6.9 billion in revenue versus $6.6 billion a year ago.
MS Price Action: Morgan Stanley shares are trading lower by 1.04% to $99.69 at last check Thursday.
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