US-based investment bank Morgan Stanley unveiled its plans to appoint co-president Edward (Ted) Pick as the new CEO, and member of the Board of Directors, effective 1 January 2024.
Pick will be replacing James Gorman as CEO, who will be appointed as the company’s executive chairman.
In addition, Andy Saperstein will be appointed as co-president head of the Wealth and Investment Management unit, and Dan Simkowitz as co-president head of the Institutional Securities arm.
The news follows Gorman’s announcement at the company’s 2023 annual general meeting, about his plans to step down as CEO before the 2024 annual general meeting.
Morgan Stanley Board lead director Tom Glocer said: “The Board has unanimously determined that Ted Pick is the right person to lead Morgan Stanley and build on the success the Firm has achieved under James Gorman’s exceptional leadership.
“Ted is a strategic leader with a strong track record of building and growing our client franchise, developing and retaining talent, allocating capital with sound risk management, and carrying forward our culture and values.
“Over James’ 14 years as CEO, Morgan Stanley has been transformed into a strong and balanced financial institution with a long-term sustainable business model.
“We are grateful for the tremendous impact he has had on our Firm and are thankful that as Executive Chairman we will continue to benefit from his experience and critical insight.”
Pick, who graduated Phi Beta Kappa from Middlebury College and received an MBA from Harvard Business School, joined Morgan Stanley in 1990 and was promoted to MD in 2002.
He served as a member of the company’s Operating Committee, Management Committee and Morgan Stanley‐MUFG Steering Committee.
Pick has been the company’s co‐president for the past two years, and he is also the head of the Institutional Securities Group and co‐head of the company’s strategy.
Prior to the current role, Pick served as head of Morgan Stanley’s sales and trading unit, institutional equities unit and equity capital markets unit.
Furthermore, he is a Trustee at the Metropolitan Museum of Art (MET), serving on the MET’s Investment and Nominating & Governance Committees.
Gorman said: “I have worked side by side with Ted since the financial crisis and have experienced first-hand his values, intellect, passion and commitment to our people and our clients.
“He is battle-tested, understands complex risk, and works very effectively not just in the US, but around the globe. In short, he is an outstanding executive and leader.”
“I am also delighted that Andy and Dan will take on expanded leadership roles. Both are world-class executives, with outstanding values and intellect.
Pick said: “Morgan Stanley has exceptionally talented people and is home to a deep culture and abiding values. I also want to thank the Board for the confidence they have expressed in me.
“I look forward to working closely with the Board, Andy, Dan, the rest of the management team and all our employees to continue to serve our clients and shareholders.”
