11:32 AM EDT, 05/23/2024 (MT Newswires) -- (Updates with company confirmation)

Morgan Stanley ( MS ) board chairman James Gorman will step down from his post at the end of the year the former chief executive at the investment bank told shareholders at the company annual meeting, the company told MT Newswires in an email message on Thursday.

The investment bank did not immediately name a successor for Gorman, who took the post in January after retiring as CEO. Current Morgan Stanley ( MS ) chief executive Ted Pick has been expected to eventually add board chairman duties to his responsibilities, according to reports.

Morgan Stanley ( MS ) shares were 1.3% lower late in Thursday morning trading.

Price: 99.46, Change: -1.29, Percent Change: -1.28