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Morgan Stanley is one of the leading global financial services firms, providing a wide range of investment banking, securities, wealth management and investment management services The company has a market capitalization of over $200 billion and employs more than 70,000 people worldwide But who is the man behind this successful corporation? Who is the CEO of Morgan Stanley and how much does he earn? What is his net worth and how did he achieve it? How did he become interested in hockey and what is his role in the Pittsburgh Penguins? And what about his personal life and family? In this article, we will answer all these questions and more, as we explore the life and career of James Gorman, the president of hockey operations and general manager of the Pittsburgh Penguins, and the former CEO of Morgan Stanley.
James Gorman Salary
As one of the most influential and respected CEOs in the financial industry, James Gorman has amassed a considerable fortune over his career. According to various sources, his net worth is estimated to range between $135 million and $235 million as of 2023.
His net worth is mainly derived from his salary and stock awards from Morgan Stanley. According to the company’s proxy statement for 2022, Gorman’s total compensation for that year was $39.4 million, which included a base salary of $1.5 million, a cash bonus of $7.5 million and stock awards of $30.4 million. This represented a 13% increase from his compensation of $34.8 million in 2021, which reflected a 10% pay cut due to the challenging economic and market environment.
Morgan Stanley CEO Net Worth
Gorman also owns over 100,000 units of Morgan Stanley’s stock, worth over $90 million as of September 2023. He has sold some of his shares over the years, but he has also reinvested some of his proceeds in the company. He has said that he believes in the long-term value and growth potential of Morgan Stanley and that he is aligned with the interests of the shareholders.
James Gorman’s Early Life and Education
James Gorman was born on July 14, 1958, in Melbourne, Australia He grew up in a large family of 10 children, with his father being a lawyer and his mother being a nurse He attended Xavier College, a prestigious Catholic school in Melbourne, where he excelled academically and played rugby He then went on to study arts and law at the University of Melbourne, graduating with honors in 1980
After working as a lawyer for a few years in Australia, Gorman decided to pursue a career in finance and moved to the United States in 1986. He enrolled in the MBA program at Columbia Business School, where he was awarded a Fulbright Scholarship He graduated in 1987 and joined McKinsey & Company, a global management consulting firm, as a consultant
James Gorman’s Earning Career at Morgan Stanley
Gorman spent 11 years at McKinsey & Company, rising to become a partner and co-head of the financial services practice He advised some of the largest banks and financial institutions in the world, including Morgan Stanley. In 1999, he left McKinsey & Company and joined Morgan Stanley as an executive vice president and chief marketing officer.
At Morgan Stanley, Gorman quickly proved his leadership skills and strategic vision. He was instrumental in developing and expanding the firm’s retail brokerage business, which became one of its most profitable segments. He also played a key role in integrating Morgan Stanley with Dean Witter Discover & Co., a merger that had faced many challenges and conflicts
In 2006, Gorman was promoted to co-president of Morgan Stanley, along with Zoe Cruz He was responsible for overseeing the wealth management and asset management divisions, as well as the firm’s operations in Europe, Asia and Australia. He also led the negotiations to acquire Smith Barney from Citigroup in 2009, creating the largest wealth management business in the world
In 2010, Gorman became the CEO of Morgan Stanley, succeeding John Mack He was also elected as the chairman of the board in 2012. As the CEO, Gorman focused on transforming Morgan Stanley from a risk-taking investment bank to a more stable and diversified financial services firm. He reduced the firm’s exposure to volatile trading activities and increased its investments in technology and innovation. He also strengthened the firm’s capital position and improved its profitability and shareholder returns. Under his leadership, Morgan Stanley achieved record revenues and earnings in 2021, despite the challenges posed by the COVID-19 pandemic.
In September 2023, Gorman announced that he would step down as the CEO of Morgan Stanley at the end of the year, after 13 years at the helm. He said that he wanted to pursue other opportunities and passions, including his involvement in hockey. He also said that he was confident that his successor, Ted Pick, would continue to lead Morgan Stanley to new heights of success.
James Gorman’s Hockey Passion and Role in the Pittsburgh Penguins
James Gorman is not only a successful businessman, but also a passionate hockey fan and player. He grew up watching and playing hockey in Australia, where the sport is not very popular. He said that he was inspired by the 1980 Miracle on Ice, when the US hockey team defeated the Soviet Union at the Winter Olympics. He also said that he admired Wayne Gretzky, the legendary Canadian hockey player who played for the Edmonton Oilers and the Los Angeles Kings.
Gorman continued to play hockey as an adult, joining recreational leagues and teams in New York and Connecticut. He also became an avid supporter of the New York Rangers, attending many of their games at Madison Square Garden. He said that hockey was his favorite sport and hobby, and that it helped him relax and unwind from his stressful job.
In 2023, Gorman decided to take his hockey passion to the next level by becoming involved in the management of a professional hockey team. He was approached by Fenway Sports Group (FSG), the owner of the Boston Red Sox, Liverpool F.C., Roush Fenway Racing and other sports properties, to join their newly acquired Pittsburgh Penguins as their president of hockey operations and general manager.
FSG had purchased the Penguins from Mario Lemieux and Ron Burkle in August 2023, for a reported price of $1.35 billion. The Penguins are one of the most successful and popular teams in the NHL, having won five Stanley Cups, most recently in 2016 and 2017. They also have some of the best players in the league, including Sidney Crosby, Evgeni Malkin and Kris Letang. However, they have also faced some challenges in recent years, such as aging stars, injuries, salary cap issues and playoff disappointments.
Gorman accepted FSG’s offer and agreed to join the Penguins as their president of hockey operations and general manager, effective January 1, 2024. He said that he was honored and excited by this opportunity, and that he was looking forward to working with FSG, the Penguins’ staff and players, and the fans to build a winning culture and a championship team. He also said that he was impressed by FSG’s track record of success and innovation in sports, and that he shared their vision and values for the Penguins.
Gorman also announced that he would not hire a GM to work under him as Penguins president of hockey operations, instead choosing to serve in that role himself. He said that he wanted to be hands-on and involved in all aspects of the team’s operations, from scouting and drafting to trades and contracts. He also said that he had a lot of respect and admiration for Kyle Dubas, who had been the GM of the Penguins since 2018, but that he felt that it was time for a change and a fresh perspective.
Kyle Dubas is a Canadian ice hockey executive who is widely regarded as one of the brightest and most innovative minds in the sport. He is known for his use of analytics, technology and data to make informed decisions and optimize performance. He is also known for his progressive and inclusive approach to leadership and culture.
Dubas started his career as a player agent, becoming the youngest agent ever certified by the NHL Players Association at age 20. He then became the GM of the Sault Ste. Marie Greyhounds of the OHL at age 25, turning around a struggling franchise into a contender. He joined the Toronto Maple Leafs as an assistant GM in 2014, where he played a key role in developing their AHL affiliate, the Toronto Marlies, into a championship team. He became the GM of the Maple Leafs in 2018, making him the second youngest GM in NHL history at age 32. He led the Maple Leafs to four consecutive playoff appearances, but also faced criticism for some of his moves and contracts, especially after losing to their archrival Montreal Canadiens in the first round of the 2023 playoffs.
CHO), a newly created position that oversees all of FSG’s hockey operations, including the Penguins and other potential acquisitions. He said that he was grateful for his time with the Maple Leafs, but that he was ready for a new challenge and a broader scope of responsibility. He also said that he was excited to work with FSG, Gorman, and the Penguins and that he believed that they could achieve great things together.
James Gorman’s Personal Life and Family
James Gorman is married to Penny Gorman, a former journalist and public relations executive. They met in 1987 at Columbia Business School, where they were both MBA students. They have four children: James Jr., Katherine, Elizabeth and Caroline.
Gorman and his family live in Greenwich, Connecticut, where they own a 10,000-square-foot mansion that they bought for $23 million in 2013. They also own a vacation home in Nantucket, Massachusetts, where they spend their summers.
Gorman is known for being a devoted family man and a generous philanthropist. He supports various causes and organizations, such as education, health care, arts and culture, and environmental sustainability. He is also a trustee of the Columbia Business School, the Metropolitan Museum of Art, the Institute of International Finance and the Council on Foreign Relations.
Conclusion
James Gorman is one of the most successful and influential figures in the financial and sports worlds. He has led Morgan Stanley to new heights of performance and profitability, while also pursuing his passion for hockey as the president of hockey operations and general manager of the Pittsburgh Penguins. He has a net worth of over $100 million and a salary of over $30 million. He has a loving family and a lavish lifestyle. He is also a respected leader and a generous philanthropist. He is truly an inspiration and a role model for many people.
Most Asked Questions and Answers
- How old is James Gorman?
- James Gorman is 65 years old as of 2023.
- Where is James Gorman from?
- James Gorman is from Melbourne, Australia.
- What is James Gorman’s nationality?
- James Gorman is an Australian-American dual citizen.
- What is James Gorman’s education?
- James Gorman has a bachelor’s degree in arts and law from the University of Melbourne and an MBA from Columbia Business School.
- How long was James Gorman the CEO of Morgan Stanley?
- James Gorman was the CEO of Morgan Stanley from 2010 to 2023.
- Who is James Gorman’s successor as the CEO of Morgan Stanley?
- James Gorman’s successor as the CEO of Morgan Stanley is Ted Pick, who was previously the head of institutional securities at the firm.
- What is James Gorman’s new role in hockey?
- James Gorman’s new role in hockey is the president of hockey operations and general manager of the Pittsburgh Penguins.
- Who is James Gorman’s partner in hockey management?
- James Gorman’s partner in hockey management is Kyle Dubas, who is the chief hockey officer of Fenway Sports Group.
- Who is James Gorman’s wife?
- James Gorman’s wife is Penny Gorman, a former journalist and public relations executive.
- How many children does James Gorman have?
- James Gorman has four children: James Jr., Katherine, Elizabeth and Caroline.
