Morgan Stanley Announces Successor to CEO James Gorman
(26 October 2023 – United States) Morgan Stanley has announced who will succeed James Gorman as CEO of the investment banking giant at the outset of 2024.
Co-President Edward (Ted) Pick will become the group’s CEO effective 1 January 2024. James Gorman will become Executive Chairman after 13 years successfully steering the group through a range of significant challenges.
Pick will also join Morgan Stanley’s Board of Directors. The Firm announced Co-President Andy Saperstein will become the Head of Wealth and Investment Management and Dan Simkowitz will become Co-President of the Firm and the Head of Institutional Securities.
Pick represents the bank's legacy strengths and “old school Wall Street persona” with his devotion to Morgan Stanley traditions and workaholic reputation. The 54-year-old banker, credited with transforming the group’s crucial equities and fixed-income divisions, was the front-runner to replace the highly respected Australian CEO Gorman. Pick has spent his entire career at the bank since joining in 1990, earning a reputation for "bleeding Morgan Stanley blue" and being the hardest-working employee.
“For several years I have worked with the Board to ensure an orderly succession, and I feel strongly that now is the time to step aside. The Board’s selection of Ted Pick is an outstanding one. 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” commented outgoing Morgan Stanley CEO, James Gorman.
“Morgan Stanley is a storied institution, and I am deeply honoured to have been chosen to lead it. We have a global diversified business with a leading client franchise. Thanks to James’ excellent leadership, our Firm is now well-positioned to succeed across market cycles, and I am excited about the opportunities for future growth. 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” commented incoming Morgan Stanley CEO, Ted Pick.
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