Morgan Stanley (MS) CEO James Gorman said Friday he plans to step down from his role leading the firm within the next year.

"The specific timing of the CEO transition has not been determined, but it is the board's and my expectation that it will occur at some point in the next 12 months," Gorman said during the bank's annual shareholder meeting. Gorman has led the Wall Street bank for the past 13 years.

Gorman said he will assume the role of executive chairman. Morgan Stanley declined to comment further beyond Gorman's remarks.

"The board has identified three very strong senior internal candidates for consideration as the next CEO," Gorman added.

Offering a more light-hearted take on his impending departure, Gorman added: "I definitely have no plans to go out like Logan Roy." Morgan Stanley shares were down about 1.2% following the news.

Since the beginning of Gorman's tenure, Morgan Stanley shares have gained more than 180%, outpaced by the S&P 500's roughly 270% gain over that period, but far exceeding the 80% gain seen in the KBW Bank Index over the same period.

In Morgan Stanley's proxy statement, Gorman said the bank has a comprehensive succession plan in place and "fully expects" the new CEO to be picked from a list of internal candidates.

Gorman joined Morgan Stanley in 2006 as chief operating officer of the bank's global wealth management group. In 2009, he helped create the country's largest wealth management business by spearheading the partial purchase of Smith Barney from a cash-strapped Citigroup.

Under Gorman's leadership during 2020, Morgan Stanley acquired online trading platform E*Trade and investment management firm Eaton Vance. The year awarded Gorman a 22% raise, making him the highest paid US executive that year.

"I​​n my now long career, I've seen a lot of environments some challenging, some not," said Gorman on the call.