Morgan Stanley Names Pick as Next CEO; Gorman to Be Chairman -- Update
26 October 2023 - 9:16AM
Dow Jones News
By Ben Glickman
Morgan Stanley named Co-President Ted Pick as its next chief
executive officer, effective Jan. 1.
James Gorman, current CEO, is expected to step down and become
executive chairman, the investment bank said.
Pick has served as co-president for two years, he is also head
of the institutional securities group and co-head of firm
strategy.
Pick initially joined Morgan Stanley in 1990. He has served as
global head of sales and trading and head of institutional equities
and equity capital markets.
Pick "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, said Tom Glocer, lead director of
the Morgan Stanley board.
Gorman previously announced he would step down at Morgan
Stanley's annual shareholders meeting in May, ending a 14-year
tenure.
Morgan Stanley said that Pick would join the board of
directors.
Co-President Andy Saperstein will become head of wealth and
investment management and Dan Simkowitz will become co-president
and head of institutional securities.
Write to Ben Glickman at ben.glickman@wsj.com
(END) Dow Jones Newswires
October 25, 2023 18:01 ET (22:01 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
Morgan Stanley (NYSE:MS)
Historical Stock Chart
From Apr 2024 to May 2024
Morgan Stanley (NYSE:MS)
Historical Stock Chart
From May 2023 to May 2024