Hiroshi Mikitani and James Gorman are two prominent business executives with a documented connection through corporate finance, but there is no public confirmation that they have personally worked together or formed a business partnership. Mikitani is the founder and CEO of Japan’s Rakuten Group, while Gorman is the former CEO of Morgan Stanley and the current chairman of The Walt Disney Company.
Their professional connection lies in transactions involving Rakuten and Morgan Stanley-related financial institutions. These include Rakuten Bank’s 2023 stock market listing, debt transactions in 2024, sustainability bonds in 2025 and a fintech reorganisation in 2026. Gorman led Morgan Stanley during part of this period, although the corporate records do not identify him as Mikitani’s personal adviser.
Key takeaways
- Hiroshi Mikitani founded Rakuten in 1997 and remains its Representative Director, Chairman, President and CEO, according to the company’s April 2026 management directory.
- James Gorman served as Morgan Stanley CEO from January 2010 to December 2023. He became Disney’s board chairman in January 2025.
- Their companies have a documented financial connection. Morgan Stanley-related institutions participated in Rakuten transactions between 2023 and 2026.
- No direct personal partnership is publicly established. The official transaction announcements identify financial institutions rather than Gorman as an individual adviser.
- The relationship continued after Gorman’s executive tenure. In October 2026, Rakuten completed a fintech reorganisation for which a Morgan Stanley-linked Japanese securities firm had served as a financial adviser.
Hiroshi Mikitani and James Gorman profile summary
| Field | Details |
|---|---|
| Full names | Hiroshi Mikitani and James P. Gorman |
| Professional backgrounds | Japanese technology entrepreneur and Australian-born banking executive |
| Principal organisations | Rakuten Group and Morgan Stanley |
| Mikitani’s current role | Founder, Chairman, President and CEO of Rakuten Group |
| Gorman’s current role | Chairman of The Walt Disney Company; Morgan Stanley Chairman Emeritus |
| Major career dates | Mikitani founded Rakuten in 1997; Gorman led Morgan Stanley from 2010 to 2023 |
| Documented connection | Financial transactions involving Rakuten and Morgan Stanley-related institutions |
| Direct personal partnership | Not publicly established |
| Latest relevant development | Rakuten’s fintech reorganisation took effect on October 1, 2026 |
Current positions are based on corporate information available as of October 13, 2026.
Who is Hiroshi Mikitani?
Hiroshi Mikitani is a Japanese entrepreneur who founded Rakuten, one of Japan’s major internet and technology groups. His career began in banking before he moved into e-commerce.
Mikitani previously worked at the Industrial Bank of Japan. On February 7, 1997, he established the company that became Rakuten, launching the Rakuten Ichiba online marketplace that May.
The marketplace allowed merchants to sell products online and became the foundation of a much larger business. Rakuten subsequently expanded into financial services, digital content, travel and mobile communications.
That expansion is relevant to the connection with Morgan Stanley. Rakuten’s banking, securities and telecommunications businesses have required financing, capital-market transactions and corporate restructuring, creating opportunities for investment banks to provide professional services.
Mikitani has remained closely involved in the company’s leadership rather than handing over its chief executive position.
According to Rakuten’s official management directory, dated April 1, 2026, he serves as Representative Director, Chairman, President and CEO.
His continuing executive role provides one side of the connection: Rakuten is the company he founded and continues to lead.
Who is James Gorman?
James P. Gorman is an Australian-born banking executive best known for leading Morgan Stanley through a period of major changes to its business.
Before joining Morgan Stanley in 2006, he worked in management consulting and held senior positions at Merrill Lynch. He became Morgan Stanley’s CEO in January 2010, succeeding John Mack.
During his leadership, Morgan Stanley increased its emphasis on wealth and investment management.
The firm’s acquisition of E*TRADE in 2020 expanded its online brokerage operations. Its acquisition of Eaton Vance, completed in 2021, strengthened its investment management business.
These transactions formed part of Morgan Stanley’s broader development beyond its traditional investment banking and trading activities.
Gorman stepped down as CEO at the end of December 2023, with Ted Pick succeeding him on January 1, 2024.
He served as Executive Chairman throughout 2024 before becoming Chairman Emeritus in January 2025.
Gorman subsequently moved into a prominent corporate governance role at Disney. He became chairman of its board on January 2, 2025, after joining the board in 2024.
His involvement included chairing Disney’s Succession Planning Committee, which oversaw the process leading to Josh D’Amaro’s selection as CEO in 2026.
His career dates are recorded in Morgan Stanley’s official biography, while Disney’s leadership biography confirms his board chairmanship.
How are Rakuten and Morgan Stanley connected?
The professional link between the businesses associated with Hiroshi Mikitani and James Gorman is documented through several financial transactions.
Rakuten has used Morgan Stanley-related financial institutions for services including underwriting, debt management and corporate advisory work.
The distinction between the institutions matters. Morgan Stanley & Co. LLC is a Morgan Stanley entity, while Mitsubishi UFJ Morgan Stanley Securities is a Japanese joint venture involving Morgan Stanley and Mitsubishi UFJ Financial Group (MUFG).
According to Morgan Stanley’s Japanese corporate structure, Morgan Stanley holds a 40% economic and voting interest in Mitsubishi UFJ Morgan Stanley Securities, with MUFG holding 60%.
The joint venture is therefore connected to Morgan Stanley but is not its wholly owned subsidiary.
Rakuten Bank’s 2023 stock market listing
One of the clearest examples of the institutional relationship occurred in April 2023.
Rakuten Bank, part of the Rakuten business group, listed on the Tokyo Stock Exchange on April 21, 2023.
Mitsubishi UFJ Morgan Stanley Securities participated in the initial public offering (IPO) as an underwriting institution.
An IPO allows a company to offer shares to public investors and obtain a stock market listing. Underwriters help arrange the offering and the sale of shares.
The Tokyo Stock Exchange’s listing document identifies Mitsubishi UFJ Morgan Stanley Securities among the underwriting participants. Rakuten’s May 12, 2023 corporate announcement also provides details of the completed listing.
This transaction is especially relevant because Gorman was still Morgan Stanley’s CEO at the time.
It establishes a financial connection between Rakuten’s banking business and a Morgan Stanley-linked institution during his leadership.
Morgan Stanley’s role in Rakuten’s 2024 debt transactions
The relationship became visible again in 2024 when Rakuten conducted tender offers for outstanding US-dollar senior notes.
A tender offer of this kind allows a company to offer to repurchase debt securities from existing holders, usually under specified pricing and timing conditions.
Rakuten appointed several dealer managers to assist with the offers.
Its February 26, 2024 announcement identifies Morgan Stanley & Co. LLC among those institutions, alongside Goldman Sachs, Daiwa Capital Markets America and Mizuho Securities USA.
Dealer managers help coordinate a tender-offer process and communicate the offer to eligible investors.
This transaction involved a Morgan Stanley entity directly, rather than the Japanese joint venture involved in Rakuten Bank’s IPO.
By February 2024, however, Gorman was no longer Morgan Stanley’s CEO. He had become Executive Chairman after Ted Pick took over the chief executive role.
That distinction is necessary when relating the transaction to Gorman’s career.
Sustainability bonds in 2025
Rakuten’s relationship with Morgan Stanley-linked financial institutions continued in 2025.
On July 23, 2025, Rakuten announced the pricing of sustainability bonds, with Mitsubishi UFJ Morgan Stanley Securities among the lead managers.
Sustainability bonds are debt securities whose proceeds are allocated to eligible environmental or social projects under the issuer’s stated financing framework.
Rakuten said the proceeds were intended for investments related to its 5G mobile communications operations.
The official sustainability-bond announcement identifies the participating financial institutions and their roles.
Mitsubishi UFJ Morgan Stanley Securities was one of several lead managers, rather than the sole institution responsible for the issuance.
By this stage, Gorman had become Morgan Stanley’s Chairman Emeritus and was serving as Disney’s board chairman.
The transaction therefore illustrates how the financial relationship continued after his executive leadership at Morgan Stanley had ended.
The 2026 fintech reorganisation
The latest significant documented example involves Rakuten’s financial technology businesses.
In May 2026, Rakuten announced an agreement to reorganise parts of its fintech operations, including businesses associated with banking, credit cards and securities.
The company appointed Mitsubishi UFJ Morgan Stanley Securities and BofA Securities Japan as financial advisers and obtained valuation reports connected with the proposed transaction.
Financial advisers in such transactions provide analysis and professional assessments that can help companies evaluate restructuring arrangements.
Rakuten identified the advisers in its May 20, 2026 announcement.
The reorganisation subsequently took effect on October 1, 2026.
Under the new structure, Rakuten Card and Rakuten Securities Holdings became consolidated subsidiaries of Rakuten Bank.
Rakuten confirmed the effective date and resulting arrangement in its October 1, 2026 announcement.
This is the most recent relevant development in the documented corporate relationship.
It also demonstrates the continuing involvement of a Morgan Stanley-linked financial institution in Rakuten’s business arrangements well after Gorman’s departure from Morgan Stanley’s executive leadership.
Did Hiroshi Mikitani and James Gorman personally work together?
There is no public confirmation that Hiroshi Mikitani and James Gorman personally negotiated a transaction, served as business partners or worked together as individual advisers.
Their respective leadership positions and the financial arrangements involving their associated companies establish an institutional connection.
They do not, by themselves, demonstrate direct personal involvement.
For example, Gorman was Morgan Stanley’s CEO when Mitsubishi UFJ Morgan Stanley Securities participated in Rakuten Bank’s 2023 IPO. However, the transaction documents identify the underwriting institution, not Gorman as an individual participant.
The same distinction applies to later transactions.
In 2024, Gorman held the Executive Chairman position. From January 2025, his Morgan Stanley designation was Chairman Emeritus.
Those changing responsibilities make it inaccurate to attribute every subsequent Morgan Stanley-related transaction to his personal direction.
Likewise, Mikitani’s continuing position as Rakuten’s chief executive does not establish that he personally conducted each negotiation with the company’s financial advisers.
The documented connection is therefore best understood through the financial institutions and their work, rather than through an assumed personal relationship between the executives.
Where do their careers stand in 2026?
As of October 13, 2026, Hiroshi Mikitani continues to lead Rakuten Group as its chairman, president and CEO.
His position keeps him directly involved in a business spanning e-commerce, financial services and mobile communications.
The October 2026 fintech reorganisation is a recent example of how Rakuten’s financial operations have developed under his continuing leadership.
James Gorman’s responsibilities are different.
He is no longer Morgan Stanley’s chief executive or Executive Chairman. His current Morgan Stanley designation is Chairman Emeritus, while his principal active board role is chairman of The Walt Disney Company.
At Disney, Gorman has been involved in corporate governance and executive succession. The company announced Josh D’Amaro as its next CEO in February 2026, and D’Amaro assumed the position on March 18, 2026.
Gorman was also appointed a senior adviser to investment firm General Atlantic, effective April 1, 2025, according to the firm’s appointment announcement.
The contrast between the executives is straightforward. Mikitani continues as the operating chief executive of a company he founded, while Gorman has moved from running a major investment bank into board leadership and advisory appointments.
Their corporate histories nevertheless intersect through financial services. Rakuten Bank’s 2023 IPO provides a documented example during Gorman’s CEO tenure, while the subsequent financing and advisory transactions show that Rakuten’s dealings with Morgan Stanley-related institutions continued as his professional responsibilities changed.
