Morgan Stanley CEO Gorman to step down within the next year

Morgan Stanley (MS) CEO James Gorman said Friday he plans to step down from his role leading the firm within the next year. “The specific timing of the CEO transition has not been determined, but it is the board’s and my expectation that it will occur at some point in the next 12 months,” Gorman said during the bank’s annual shareholder meeting. Gorman has led the Wall Street bank for the past 13 years. Gorman said he will assume the role of executive chairman. Morgan Stanley declined to comment further beyond Gorman’s remarks. “The board has identified three very strong…