Morgan Stanley chief working officer Jonathan Pruzan, a number one contender to grow to be the financial institution’s subsequent chief government, has determined to depart on the finish of this month.
Pruzan, 54, was considered one of 4 candidates within the operating to interchange James Gorman when he decides to retire from Morgan Stanley, some of the highly effective establishments on Wall Street. Internally the all-male checklist of candidates is known as the “four horsemen”.
Pruzan is departing after 28 years, throughout which period his roles at Morgan Stanley ranged from chief monetary officer and head of its international monetary establishments group to his most up-to-date project as COO.
In a memo to employees on Monday, Gorman stated Pruzan was leaving “in order to pursue other opportunities”.
“He has been a trusted adviser to me for many years, and has had a seat at the table and a voice in the decision-making process for many of the key decisions that the Firm has made over the past decade,” Gorman wrote.
According to an individual briefed on the matter, latest conversations Pruzan held with senior Morgan Stanley figures concerning the chance and timeline of him succeeding Gorman factored into his resolution to depart.
Gorman, 64, has led the financial institution since 2010 and final 12 months stated he had no plans to step down quickly. The Australian CEO has appeared to develop Morgan Stanley’s wealth and asset administration companies to buttress its legacy buying and selling and funding banking divisions, a pivot which helped it leapfrog the market capitalisation of longtime rival Goldman Sachs.
Other main candidates to take over from Gorman embody co-presidents Ted Pick and Andy Saperstein in addition to funding chief Dan Simkowitz.