James Gorman to Step Down, Disney Ups the Ante, Foot Locker Shares Drop 5/19/23

<p>Carl Quintanilla, Jim Cramer and David Faber began the hour with breaking news: Morgan Stanley’s James Gorman said he plans to resign as CEO within the year, setting off a succession race at one of Wall Street’s top firms. Gorman also said he will take on the executive chairman role “for a period of time” after stepping down as CEO. The anchors also hit Disney, scrapping its plans for a new $1B Florida campus amid rising tensions with Governor DeSantis. Also in focus: Foot Locker shares dropped more than 20% at the market open following a big earnings miss. Slow sales at Foot Locker prompted the company to lower its guidance just two months after it was introduced.</p><p><a href="https://www.cnbc.com/squawk-on-the-street-disclaimer/">Squawk on the Street Disclaimer</a></p>