The plan was to come up with a succession plan in "the near future." Which apparently meant nearly 5 years.
There has been some turnover on the board after the attempted takeover by Nelson Peltz, and James Gorman (who will be the new chairman next year) said:
"A critical priority before us is to appoint a new C.E.O., which we now expect to announce in early 2026. This timing reflects the progress the succession planning committee and the board are making and will allow ample time for a successful transition."
In other words, 'we totally screwed the pooch with the decision to move to chapek as the ceo. We know we have to get it right the next time.'
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