10:23 AM EDT, 05/23/2024 (MT Newswires) -- (Updates with possible successor and no immediate company response in second and third paragraphs)

Morgan Stanley ( MS ) Chairman James Gorman said Thursday during the company's annual shareholder meeting he will step down from his post at the end of the year, according to media reports.

The investment bank did not immediately name a successor for Gorman, who took the post after giving up the CEO role in January. Chief Executive Ted Pick is expected to succeed him eventually, according to the reports.

Morgan Stanley ( MS ) did not immediately respond to MT Newswires' request for comment.

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