James Gorman

We'll work with him as he settles into the job to lay out what the right strategic moves will be and how we're going to measure ourselves against those.

So I'm highly confident in Josh and the team working with him.

Josh is just a standout executive.

We looked all over the world, as you could imagine.

We wanted to do this right.

We wanted to make sure that whoever got the job beat all comers, and he beat all comers, so we're thrilled.

Bob will be working with him through 2026, guiding and mentoring and helping further develop him.

Obviously, he laid out a vision for the board in the various discussions we had, which we had numerous ones.

We really got to know Josh and all the other top executives.

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Josh is just a standout executive.

We looked all over the world, as you could imagine.

We wanted to do this right.

We wanted to make sure that whoever got the job beat all comers, and he beat all comers, so we're thrilled.

Well, we haven't set goals in terms of his contract.

He hasn't started.

He'll be taking over as CEO at the annual meeting, which is March 18.

Bob will be working with him through 2026, guiding and mentoring and helping further develop him.

Obviously, he laid out a vision for the board in the various discussions we had, which we had numerous ones.

We really got to know Josh.