Morgan Stanley to move CEO to exec chair role for transition

The executive chair role for a former CEO has become more popular over the past decade to manage transition strategies.

Driving the news: Morgan Stanley has picked out "three very strong senior internal candidates" to become its next CEO.

Current CEO James Gorman today announced he will step down within a year and transition to executive chair.

What to watch: Gorman will be in good company with Elon Musk and Reed Hastings, both of whom are, or will become, executive chairs.

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