James Gorman, who helmed Morgan Stanley for over a decade, is set to step into an advisory role at the bank, complete with a yearly stipend of $400,000, access to a company car with a driver, and an office. The 66-year-old concluded his tenure as CEO at the end of 2023 and is preparing to vacate his position as board chair by year’s end.
In a filing on Thursday, Morgan Stanley detailed Gorman’s new role as a “non-employee advisor,” effective from January and extending through 2026. Having led Morgan Stanley since 2010 and earning $37 million in his final year as CEO, Gorman will now be compensated with an annual advisory fee of $400,000 for two years. Additionally, the bank will continue his health benefits, provide office space, administrative support, and transportation services.
According to the bank, Gorman will be on hand to lend insight on issues where his extensive experience and connections could further the institution’s global influence. This continuation of perks, though noteworthy, aligns with similar benefits provided to outgoing Wall Street leaders. For instance, Goldman Sachs granted former CEO Lloyd Blankfein a company car and security driver for a year after his 2018 departure, though Blankfein did not receive additional salary or bonuses during that time.
Morgan Stanley also confirmed that Ted Pick, the bank’s incoming CEO, will assume the role of board chair when Gorman steps down, while Gorman will hold the honorary title of chair emeritus. In a statement, Gorman expressed confidence in Pick’s leadership and the trajectory of Morgan Stanley, foreseeing “greater heights and new successes” under the new chief’s direction.
In addition to his advisory role at Morgan Stanley, Gorman is poised to become chair of Disney’s board starting next year, where he will contribute to the process of selecting a successor for Disney CEO Bob Iger.
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