James Gorman and Hiroshi Mikitani are connected through the business relationship between Morgan Stanley and Rakuten Group, particularly financial transactions involving the Japanese technology company. Gorman led Morgan Stanley as CEO until December 2023 and served as its executive chairman during 2024, while Mikitani is the founder and longtime leader of Rakuten. Morgan Stanley participated in Rakuten’s 2024 bond tender offer, creating a documented institutional connection between the organizations.
However, this does not establish that the two executives were personal business partners or directly negotiated the transaction.
Their connection becomes clearer when examining the companies they led, the financial announcements involving Rakuten, and the professional timelines of both executives.
What Connects James Gorman and Hiroshi Mikitani?
The main connection between James Gorman and Hiroshi Mikitani is Morgan Stanley’s involvement in Rakuten’s financial transactions.
James Gorman spent many years leading Morgan Stanley, one of the world’s major financial services firms. During his leadership, the firm participated in capital markets activities involving companies across different industries and countries.
Hiroshi Mikitani, meanwhile, founded Rakuten in Japan in 1997 and developed it into a major international technology group. Its businesses span e-commerce, fintech, digital content, telecommunications, and other digital services.
Two events help explain why their names are associated:
- Rakuten’s 2023 share offering: Its shareholder disclosure included MSIP Client Securities, with Morgan Stanley MUFG Securities identified as the standing proxy.
- Rakuten’s February 2024 bond tender offer: Morgan Stanley & Co. LLC was officially listed among the dealer managers for the transaction.
These records establish a connection between the companies during periods when Gorman held senior leadership positions at Morgan Stanley.
However, there is an important distinction. A financial institution’s involvement in a corporate transaction does not automatically mean its CEO personally managed the deal. The available announcements identify the participating institutions, not a private negotiation between Gorman and Mikitani.
The 2023 Rakuten Share Offering and Morgan Stanley Connection
One of the earlier documented connections appeared in Rakuten’s May 2023 announcement concerning a public share offering and third-party allotment.
The company planned to issue approximately 468.1 million new common shares through the offering. The transaction formed part of its broader financial and capital-raising activities.
The announcement also included a table showing Rakuten’s major shareholders before and after the offering.
Among the entries was MSIP Client Securities, with Morgan Stanley MUFG Securities Co., Ltd. identified as its standing proxy.
| Shareholder entry | Before offering | After offering |
|---|---|---|
| MSIP Client Securities | 3.68% | 2.74% |
This information is relevant because it places a Morgan Stanley-related securities entity within Rakuten’s reported shareholder structure at the time.
What Does MSIP Client Securities Mean?
The name requires careful interpretation.
The disclosure identifies MSIP Client Securities, not James Gorman as an individual shareholder. It also names Morgan Stanley MUFG Securities as the standing proxy.
A standing proxy is an entity authorized to act on behalf of a shareholder for certain administrative or shareholder-related matters. Its appearance in a shareholder table does not necessarily mean that the proxy owns the underlying shares.
Likewise, the term client securities indicates that the position should not automatically be treated as proprietary ownership by Morgan Stanley or personal ownership by its executives.
Therefore, the 3.68% figure should not be described as James Gorman’s personal investment in Rakuten.
Morgan Stanley’s Role in Rakuten’s 2024 Bond Tender Offer
The clearest direct institutional connection appeared in February 2024.
Rakuten Group announced cash tender offers involving two series of its outstanding U.S. dollar-denominated senior notes. The company was working to manage its debt obligations and extend its debt maturity profile.
The announcement named four financial institutions as dealer managers:
- Goldman Sachs & Co. LLC
- Morgan Stanley & Co. LLC
- Daiwa Capital Markets America Inc.
- Mizuho Securities USA LLC
Morgan Stanley’s inclusion is important because it provides direct evidence that a Morgan Stanley entity participated in a Rakuten financial transaction.
Why Was Rakuten Conducting the Tender Offer?
A bond tender offer allows a company to offer to repurchase outstanding debt securities from investors under specified terms.
Companies may use this approach to manage upcoming repayment obligations, reorganize their debt structure, or improve the timing of future payments.
Rakuten explained that its tender offers and related financing transaction were part of its efforts to manage debt and extend the maturity profile of its obligations.
The company also announced that it had completed a debt securities offering in February 2024, generating approximately $1.734 billion in gross proceeds after underwriting commissions but before expenses.
The transaction illustrates how major companies use investment banks and capital markets firms when managing complex financing requirements.
What Does a Dealer Manager Do?
A dealer manager is a financial institution appointed to assist with a securities tender offer.
Its responsibilities may include helping organize the transaction, communicating with investors and securities holders, coordinating the offer process, and supporting the issuer’s execution of the tender offer.
In Rakuten’s February 2024 announcement, Morgan Stanley & Co. LLC was one of the named dealer managers.
This is meaningful evidence of an institutional business connection. However, it does not prove that James Gorman personally handled the transaction or negotiated directly with Hiroshi Mikitani.
Was James Gorman Still Leading Morgan Stanley During the Rakuten Transaction?
Yes, but his exact position matters.
James Gorman’s leadership at Morgan Stanley changed over time. He served as the firm’s CEO and chairman before transitioning to executive chairman in 2024.
His career timeline is particularly relevant to the Rakuten tender offer because the announcement was published in February 2024.
| Period | James Gorman’s Morgan Stanley position |
|---|---|
| February 2006 | Joined Morgan Stanley |
| December 2007 | Named co-president |
| January 2010 | Became CEO |
| January 2012 | Became chairman |
| January 2024 | Became executive chairman |
| December 2024 | Completed his executive-chair tenure |
| January 2025 | Became chairman emeritus |
Ted Pick succeeded Gorman as CEO in January 2024. Therefore, when Rakuten named Morgan Stanley & Co. LLC as a dealer manager in February 2024, Gorman was the firm’s executive chairman rather than its CEO.
This timing is an important detail for anyone researching the James Gorman and Hiroshi Mikitani connection.
Who Is James Gorman?
James P. Gorman is an Australian-born American business executive best known for his leadership at Morgan Stanley and his later appointment as chairman of The Walt Disney Company.
His career combines legal education, management consulting, investment banking, and corporate leadership.
James Gorman’s Early Career and Education
Gorman studied at the University of Melbourne, where he earned bachelor’s and law degrees. He later completed an MBA at Columbia University.
He began his professional career as an attorney in Melbourne before moving into management consulting and financial services.
Before joining Morgan Stanley, he held senior executive positions at Merrill Lynch and worked as a senior partner at McKinsey & Company.
This combination of legal, consulting, and financial experience helped prepare him for senior leadership responsibilities in the global financial industry.
James Gorman’s Leadership at Morgan Stanley
Gorman joined Morgan Stanley in February 2006 and became co-president in December 2007.
He was appointed CEO in January 2010 and chairman in January 2012.
During his leadership, Morgan Stanley expanded its wealth management business and continued developing its investment banking and institutional securities operations.
His tenure also included significant changes to the firm’s business structure and strategic priorities following the global financial crisis.
After serving as CEO through December 2023, Gorman transitioned to executive chairman for 2024. He became chairman emeritus in January 2025.
What Does James Gorman Do Now?
Gorman became chairman of The Walt Disney Company on January 2, 2025.
He also serves as a senior advisor at General Atlantic and remains chairman emeritus of Morgan Stanley.
His current professional responsibilities demonstrate that his career has continued beyond his executive leadership at Morgan Stanley.
Who Is Hiroshi Mikitani?
Hiroshi βMickeyβ Mikitani is a Japanese entrepreneur and business executive best known for founding Rakuten Group.
He established the company in 1997 after leaving a career in investment banking. His goal was to build an internet-based marketplace that would give businesses new opportunities to reach customers.
Over time, Rakuten expanded beyond online shopping into financial technology, telecommunications, digital content, sports, and other services.
Hiroshi Mikitani’s Education and Investment Banking Background
Mikitani studied at Hitotsubashi University in Tokyo and earned an MBA from Harvard Business School in 1993.
Before founding Rakuten, he worked at the Industrial Bank of Japan, now part of Mizuho Bank.
His experience in investment banking gave him exposure to corporate finance and the financial environment in which large businesses operate.
However, he eventually chose entrepreneurship over a conventional banking career.
Founding Rakuten in 1997
Mikitani founded Rakuten in February 1997. The company initially focused on internet commerce through its online marketplace, Rakuten Ichiba.
Its business model provided merchants with an opportunity to establish online stores and reach customers through a shared digital platform.
Rakuten gradually expanded into other sectors, including:
- E-commerce and online marketplaces.
- Credit cards and financial services.
- Digital content and entertainment.
- Mobile telecommunications.
- Technology and cloud infrastructure.
- Sports and international business ventures.
The company developed into a large digital ecosystem with businesses operating across multiple markets.
Hiroshi Mikitani’s Leadership at Rakuten
Mikitani has remained closely involved in Rakuten’s leadership since its founding.
Rakuten’s official management information identifies him as its representative director, chairman, president, and CEO as of April 2026.
He also holds leadership positions across several businesses associated with the wider Rakuten group, including Rakuten Mobile, Rakuten Symphony, and Rakuten Medical.
His role differs from Gorman’s former position at Morgan Stanley. Mikitani is the founder of the company he leads, whereas Gorman was an executive who joined an established financial institution and eventually became its CEO.
James Gorman vs. Hiroshi Mikitani: Key Differences
Both executives have influenced major international businesses, but their careers developed in different industries and through different leadership paths.
| Category | James Gorman | Hiroshi Mikitani |
|---|---|---|
| National background | Australian-born | Japanese |
| Main profession | Financial executive | Entrepreneur and business executive |
| Best known for | Morgan Stanley leadership | Founding Rakuten |
| Major organization | Morgan Stanley | Rakuten Group |
| Career background | Law, consulting, investment banking | Investment banking, entrepreneurship |
| Education | University of Melbourne and Columbia University | Hitotsubashi University and Harvard Business School |
| Major leadership role | Morgan Stanley CEO and chairman | Rakuten founder, chairman, and CEO |
| Other major role | Chairman of Disney | Leadership roles across Rakuten businesses |
Their professional paths demonstrate two different ways of influencing the global business environment.
Gorman’s career centered on managing and transforming a major financial institution. Mikitani’s career centered on building a technology company and expanding it into multiple industries.
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Did James Gorman and Hiroshi Mikitani Work Together Personally?
There is no reliable public evidence establishing that James Gorman and Hiroshi Mikitani were personal business partners or directly negotiated the Rakuten transactions discussed above.
What is documented is the relationship between their organizations.
Morgan Stanley & Co. LLC was listed as a dealer manager for Rakuten’s February 2024 tender offer. Separately, Rakuten’s 2023 shareholder disclosure listed MSIP Client Securities with Morgan Stanley MUFG Securities as the standing proxy.
These records establish institutional involvement, but they do not identify Gorman and Mikitani as individual negotiators or co-investors.
This distinction is important when researching corporate relationships. Senior executives lead organizations, but financial transactions are usually carried out by specialized teams, legal advisers, investment bankers, and other authorized representatives.
It is therefore more accurate to describe the connection as an institutional business relationship between Morgan Stanley and Rakuten during Gorman’s senior leadership period.
Frequently Asked Questions
Are James Gorman and Hiroshi Mikitani business partners?
There is no verified public evidence establishing that the two men are personal business partners. Their documented connection is through Morgan Stanley’s participation in financial transactions involving Mikitani-led Rakuten.
Did James Gorman work with Hiroshi Mikitani?
The available public records establish an institutional connection between Morgan Stanley and Rakuten, but they do not confirm that Gorman personally worked with Mikitani or directly negotiated a transaction with him.
What is the connection between Morgan Stanley and Rakuten?
Morgan Stanley-related entities appeared in Rakuten’s 2023 shareholder disclosure, and Morgan Stanley & Co. LLC was named as a dealer manager in Rakuten’s February 2024 cash tender offer.
Did Morgan Stanley handle Rakuten’s 2024 bond tender offer?
Yes. Rakuten’s February 2024 announcement identified Morgan Stanley & Co. LLC as one of four dealer managers for its cash tender offers involving outstanding U.S. dollar-denominated senior notes.
Was James Gorman Morgan Stanley CEO during the 2024 Rakuten transaction?
No. Gorman’s CEO tenure ended in December 2023. He served as executive chairman during 2024, when Rakuten announced the tender offer involving Morgan Stanley.
Who is Hiroshi Mikitani?
Hiroshi Mikitani is a Japanese entrepreneur who founded Rakuten in 1997. He has served as a senior leader of the company for many years and is identified as its chairman, president, and CEO in its April 2026 management information.
What does James Gorman do now?
James Gorman is chairman of The Walt Disney Company and chairman emeritus of Morgan Stanley. He also serves as a senior advisor at General Atlantic.
Did Morgan Stanley own 3.68% of Rakuten?
Rakuten’s May 2023 shareholder table listed MSIP Client Securities at 3.68% before the share offering, with Morgan Stanley MUFG Securities identified as its standing proxy. This does not prove that Morgan Stanley itself or James Gorman personally owned the shares.
What is a bond tender offer?
A bond tender offer is a process through which a company invites holders of its outstanding bonds to sell them back under specified conditions. Businesses may use tender offers to manage debt, address upcoming maturities, and reorganize their financing.
Final Thoughts
The connection between James Gorman and Hiroshi Mikitani is best understood through the institutional relationship between Morgan Stanley and Rakuten.
Gorman led Morgan Stanley through December 2023 and served as executive chairman during 2024. Mikitani founded Rakuten and continued leading the company through its international expansion. During this period, Morgan Stanley-related entities appeared in Rakuten’s shareholder disclosures, and Morgan Stanley & Co. LLC participated as a dealer manager in the company’s February 2024 bond tender offer.
These events provide a documented business connection between their organizations. However, they do not establish a personal partnership or prove that the two executives directly negotiated the transactions.
Understanding that distinction gives readers a more accurate picture of how James Gorman, Hiroshi Mikitani, Morgan Stanley, and Rakuten are connected.
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