Leadership for Morgan Stanley is changing as Ted Pick was announced as the next CEO of the company once James Gorman retires. Pick has been with the firm for three decades and was selected over Andy Saperstein and Dan Simkowitz.
According to a press release from Morgan Stanley, Mr. Pick stated, "Morgan Stanley is a storied institution, and I am deeply honored 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." Pick has served as the Co-President of Morgan Stanley for two years. He oversees Investment Banking, Equities, Fixed Income, Capital Markets and Research. He joined Morgan Stanley in 1990 after graduating from Middlebury College and receiving his MBA from the Harvard Business School.
Pick has served as the Co-President of Morgan Stanley for two years. He oversees Investment Banking, Equities, Fixed Income, Capital Markets, and Research. He joined Morgan Stanley in 1990 after graduating from Middlebury College and receiving his MBA from the Harvard Business School.
Morgan Stanley reported that In addition to being named co-presidents, Saperstein will also serve as the Head of Wealth and Investment Management, and Simkowitz will also serve as the Head of Institutional Securities. Tom Glocer, Lead Director of the Board, 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."
According to a New York Times article, James Gorman believed that the company had three exceptional internal candidates at Morgan Stanley. Ted Pick, Andy Saperstein and Dan Simkowitz were all candidates. While Ted Pick became CEO, Saperstein and Simkowitz take on bigger roles as co-presidents. "We were lucky that we had three really talented internal candidates," Mr. Gorman said after the announcement. "Everyone told me that would lead to some major tribal wars - that didn't happen."
Morgan Stanley announced that Ted Pick will become the next CEO of the company after James Gorman retires in January. Leadership for Morgan Stanley is changing as Ted Pick was announced as the next CEO of the company once James Gorman retires.
