Morgan Stanley named Edward Pick to become chief executive officer on Jan. 1, succeeding outbound CEO James Gorman, who will become executive chairman.
Pick, who is known as “Ted,” has been co-president of the Wall Street bank for two years, serving as head of its Institutional Securities Group, overseeing investment banking, equities, fixed income, capital markets, and research. He will join the company’s board in January.
Fellow co-President Andy Saperstein will become head of Morgan Stanley’s Wealth and Investment Management division. Dan Simkowitz will become co-President and head of Institutional Securities.
Gorman,
Morgan Stanley
‘s (ticker: MS) CEO for 14 years, announced plans to step down earlier this year at the bank’s shareholder meeting.
“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,” Gorman said Wednesday. Pick, he added, “is battle-tested, understands complex risk, and works very effectively not just in the U.S., but around the globe.”
Pick has spent much of his time at the firm since joining in 1990 in leadership roles in the sales and trading division.
Shares of Morgan Stanley were unchanged in after-hours trading.
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