Morgan Stanley's CEO, James Gorman, has announced his plans to step down within a year and become executive chairman during the transition period. The board has selected three potential candidates for the CEO position, including Co-presidents Ted Pick and Andy Saperstein, as well as head of investment management Dan Simkowitz. Gorman has emphasized that this leadership structure will ensure stability for the company and position it for future growth under new leadership. During the virtual annual meeting, Gorman joked about the importance of succession and referenced the TV show "Succession" and the character Logan Roy.