NEW YORK (Reuters) -Morgan Stanley's ( MS ) executive chairman James Gorman will step down on Dec. 31, he told the bank's annual shareholder meeting.

The former CEO cited the "successful transition" of his successor Ted Pick into the top job at the start of this year.

Gorman's compensation in 2023, his last year as CEO, rose 17% to $37 million.

Gorman spent 14 years at the helm and is credited with transforming the bank into a wealth management powerhouse. He also orchestrated a succession plan in which Pick took the reins at the same time as retaining the two other CEO candidates, executives Andy Saperstein and Dan Simkowitz, a rarity on Wall Street.

(Reporting by Nupur Anand in New York and Manya Saini in Bengaluru)