James P. Gorman

James P. Gorman
Born	James Patrick Gorman 14 7, 1958
Birthplace	Melbourne, Australia
Nationality	Australian, American
Occupation	Business executive, financier
Title	Chairman of The Walt Disney Company Chairman Emeritus of Morgan Stanley
Known for	Chairman and CEO of Morgan Stanley (2010–2023), Chairman of The Walt Disney Company
Education	Columbia University (MBA)
Spouse(s)	Pendleton Dedman (m. 1990)
Children	2
Awards	Member of the Order of Australia (AM)

James Patrick Gorman (born July 14, 1958) is an Australian-American businessman and financier who served as Chairman and Chief Executive Officer of Morgan Stanley, one of the world's largest investment banks, from 2010 to 2023. Born in Melbourne, Australia, Gorman built a career that took him from law practice in his home country to the upper echelons of global finance in the United States. He joined Morgan Stanley in 2006 and was elevated to CEO in January 2010, a period during which the firm was navigating the aftermath of the global financial crisis. Over the course of his tenure, Gorman reshaped Morgan Stanley's business model, shifting its emphasis toward wealth management and completing the full acquisition of the Smith Barney brokerage joint venture from Citigroup. He served as both Chairman and CEO from January 2012 through December 2023, then continued as Executive Chairman through December 2024 before transitioning to Chairman Emeritus in January 2025. In January 2025, Gorman assumed the role of Chairman of The Walt Disney Company, where he has led the board's succession planning efforts to identify a replacement for CEO Bob Iger.

Early Life

James Patrick Gorman was born on July 14, 1958, in Melbourne, Australia. He grew up in Melbourne and attended Xavier College, a Jesuit secondary school in the city. Details regarding his family background include that he has a sister, Katharine Williams.

Gorman's upbringing in Australia shaped his early professional trajectory. After completing his secondary education at Xavier College, he pursued tertiary studies at the University of Melbourne, where he earned both a Bachelor of Arts degree and a Bachelor of Laws degree. His legal training led him initially to a career in law, which he practiced in Melbourne before deciding to pursue business studies abroad. This decision would prove pivotal, taking him from Australia to the United States and ultimately into the world of global finance.

Education

Gorman's formal education spanned institutions in both Australia and the United States. He completed his secondary schooling at Xavier College in Melbourne before enrolling at the University of Melbourne, where he obtained a Bachelor of Arts and a Bachelor of Laws. After practicing law in Australia, Gorman moved to the United States to attend Columbia Business School at Columbia University in New York City, where he earned a Master of Business Administration degree. His MBA from Columbia provided the foundation for his transition from law into the financial services industry, and his time at the university connected him to the New York-based financial community that would define the remainder of his career.

Career

Early Career and McKinsey & Company

Following his MBA from Columbia University, Gorman entered the management consulting field. He worked at McKinsey & Company, the global management consulting firm, where he spent a significant portion of his early career. At McKinsey, Gorman developed expertise in the financial services sector, advising major banks and financial institutions on strategy and operations. His consulting work provided him with a broad view of the financial industry and deep knowledge of the wealth management business in particular—experience that would later inform his strategic decisions at Morgan Stanley.

Merrill Lynch

Before joining Morgan Stanley, Gorman held senior positions at Merrill Lynch, one of the largest wealth management firms in the United States at the time. At Merrill Lynch, he gained direct operating experience in the brokerage and wealth management business, overseeing significant portions of the firm's retail operations. His track record in wealth management at Merrill Lynch made him an attractive recruit for Morgan Stanley as the firm sought to strengthen its own wealth management capabilities.

Morgan Stanley

Joining the Firm and Rise to Leadership

Gorman joined Morgan Stanley in February 2006, initially serving in a senior role focused on the firm's wealth management division. His arrival came at a time when Morgan Stanley was seeking to diversify its revenue streams beyond its traditional strengths in institutional securities and investment banking. Gorman was tasked with overseeing and revitalizing the firm's Global Wealth Management Group.

In December 2007, Gorman was named Co-President of Morgan Stanley, a move that signaled his ascent within the firm's leadership hierarchy and positioned him as a leading candidate to eventually become CEO.

Appointment as CEO

On January 1, 2010, Gorman became Chief Executive Officer of Morgan Stanley, succeeding John J. Mack. He assumed the leadership of the firm during a period of intense stress for the global financial industry. Morgan Stanley, like other major Wall Street firms, had been severely affected by the 2007–2008 financial crisis, and the firm faced questions about its long-term business model and strategic direction.

Gorman took on the additional title of Chairman of the Board in January 2012, consolidating his leadership over the firm. In this dual role, he oversaw the strategic transformation that would come to define his tenure.

Strategic Transformation and Smith Barney Acquisition

One of the defining achievements of Gorman's leadership at Morgan Stanley was the completion of the firm's acquisition of the Smith Barney brokerage business from Citigroup. Morgan Stanley had initially entered into a joint venture with Citigroup in 2009, forming Morgan Stanley Smith Barney. Under Gorman's leadership, Morgan Stanley pursued a strategy of gradually increasing its ownership stake in the joint venture with the goal of full ownership.

In June 2013, Morgan Stanley completed the purchase of Citigroup's remaining stake in the brokerage venture, making Smith Barney's vast network of financial advisors and client assets a wholly owned part of Morgan Stanley. The acquisition was central to Gorman's strategy of shifting Morgan Stanley's revenue mix toward more stable, fee-based wealth management income and away from the more volatile trading and investment banking revenues that had characterized the firm historically.

Gorman articulated his intent to acquire the rest of Smith Barney's assets publicly, stating that the wealth management business was a core pillar of Morgan Stanley's future. The completed acquisition made Morgan Stanley the world's largest wealth management firm by certain measures, a position that became central to the firm's identity under Gorman.

Reshaping Morgan Stanley's Business Model

Beyond the Smith Barney acquisition, Gorman's tenure as CEO was marked by a broader effort to rebalance Morgan Stanley's business. He sought to reduce the firm's reliance on fixed-income trading, which had been a significant source of both revenue and risk during the financial crisis. Under his leadership, Morgan Stanley scaled back its fixed-income, currencies, and commodities (FICC) trading operations while investing in its wealth management and investment management businesses.

This strategic shift was aimed at generating more predictable earnings and reducing the firm's exposure to the kinds of market dislocations that had threatened its survival during the crisis. Over time, wealth management grew to become the largest contributor to Morgan Stanley's revenue, a transformation that was widely noted in financial industry coverage.

Gorman also navigated the firm through the post-crisis regulatory environment, including compliance with the Dodd-Frank Act and other regulatory reforms that imposed new capital requirements, stress testing, and restrictions on proprietary trading for major financial institutions. In April 2015, Gorman submitted comments to the Federal Reserve regarding regulatory matters affecting the firm.

Transition from CEO

Gorman served as Chairman and CEO of Morgan Stanley through December 2023. Upon stepping down as CEO, he transitioned to the role of Executive Chairman, serving in that capacity from January through December 2024. He then became Chairman Emeritus in January 2025. The succession process at Morgan Stanley, which Gorman oversaw, resulted in the selection of a new CEO to lead the firm into its next chapter. Gorman's emphasis on orderly succession planning at Morgan Stanley would later inform his approach to similar work at The Walt Disney Company.

The Walt Disney Company

Board Membership and Succession Planning Role

Following his transition from active leadership at Morgan Stanley, Gorman took on a prominent role at The Walt Disney Company. In August 2024, Disney's Board of Directors named Gorman to chair its Succession Planning Committee, tasking him with leading the search for a successor to CEO Bob Iger. The appointment reflected the board's confidence in Gorman's experience overseeing leadership transitions at a major publicly traded company.

Chairman of Disney

On January 2, 2025, Gorman became Chairman of The Walt Disney Company's Board of Directors, succeeding Mark G. Parker, who departed after nine years of service on the Disney Board. In this role, Gorman has led the board's efforts to manage one of the most closely watched CEO succession processes in the entertainment industry.

Gorman has described his approach to the Disney succession process as rooted in basic principles of corporate governance. According to coverage in the Los Angeles Times, after retiring from Morgan Stanley, Gorman sought a substantial challenge, which materialized in the form of leading Disney's chief executive succession process. Reporting by WDW News Today indicated that Gorman has emphasized that a smooth CEO transition "starts with a very basic principle" of thoughtful process and planning.

In early February 2026, the Los Angeles Times reported that the Disney board, under Gorman's leadership, sought a "meticulous" CEO handoff rather than what the paper described as a "rigged game." The reporting detailed how Disney theme parks executive Josh D'Amaro was among those called into meetings with Iger and Gorman as part of the succession process.

In December 2025, Gorman purchased 18,000 shares of Disney stock in his capacity as a director of the company, according to regulatory filings tracked by financial data services.

Personal Life

Gorman married Pendleton Dedman in 1990. The couple have two children. Gorman holds dual Australian and American citizenship. He has a sister, Katharine Williams.

Although born and raised in Australia, Gorman has spent the majority of his professional career in the United States, primarily in New York City. His career trajectory—from a law background in Melbourne to the leadership of a major Wall Street institution—has been noted as an unusual path in the American financial industry, where most chief executives of bulge-bracket investment banks have traditionally come from domestic backgrounds.

Gorman has maintained connections to both Australia and the United States throughout his career. His dual nationality and international perspective have been cited as factors in his leadership style and approach to Morgan Stanley's global business.

Recognition

Bloomberg Most Influential

In September 2014, Bloomberg named Gorman to its list of the 50 most influential people in global finance, recognizing his role in reshaping Morgan Stanley's business model and steering the firm through a period of significant transformation.

Member of the Order of Australia

In January 2020, Gorman was appointed a Member of the Order of Australia (AM) in the Australia Day Honours. The honour was conferred for significant service to the international finance and banking sector. The recognition placed Gorman among a select group of Australian-born business leaders honoured for their contributions to the financial sector on a global scale.

Japan Society Annual Dinner

In 2011, the Japan Society hosted Gorman at its annual dinner, reflecting his prominence in international business circles during his early years as Morgan Stanley's CEO.

Legacy

Gorman's tenure at Morgan Stanley is most closely associated with the firm's transformation from a company heavily dependent on trading revenue to one anchored by its wealth management business. The full acquisition of Smith Barney in 2013 was the most visible manifestation of this strategic pivot, and it fundamentally altered Morgan Stanley's revenue composition and risk profile. By the end of his tenure as CEO, wealth management had become the firm's largest business segment, generating a more stable and predictable earnings stream than the institutional securities division that had historically dominated.

His leadership during and after the financial crisis is also a significant part of his legacy at Morgan Stanley. Taking the helm in January 2010, just over a year after the most acute phase of the crisis, Gorman was charged with restoring confidence in the firm among investors, regulators, and clients. The strategic choices he made—reducing fixed-income trading exposure, building out wealth management, and navigating the post-Dodd-Frank regulatory landscape—positioned Morgan Stanley as one of the more stable and consistently profitable major Wall Street firms by the time of his departure from the CEO role.

Beyond Morgan Stanley, Gorman's appointment as Chairman of The Walt Disney Company in 2025 extended his influence into the entertainment industry. His role in leading the succession planning process for one of the world's most prominent media and entertainment conglomerates represented a new chapter in his career and demonstrated the transferability of his corporate governance experience across industries.

As an Australian who rose to lead one of Wall Street's most prominent institutions, Gorman's career has also been noted as an example of the internationalization of American finance. His appointment as a Member of the Order of Australia in 2020 reflected his home country's recognition of his achievements in global banking.