June 25, 2024

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Wall Street’s most closely watched succession race—for Morgan Stanley’s CEO job—finally has a winner

2 min read

Morgan Stanley selected Ted Pick to become its new chief executive officer, succeeding James Gorman after a 14-year run that reshaped the US bank.

Pick, a co-president and three-decade veteran of the firm, will be elevated to the top role in January and join the board, the bank said in a statement Wednesday. Gorman, 65, will stay on as executive chairman.

In tapping Pick, 54, the firm is turning to the man credited with spurring a revival in its trading business after a perilous stretch during the 2008 financial crisis — a period when clients ditched Morgan Stanley and doubts about its ability to survive reverberated around Wall Street.

The Australian-born Gorman, once a surprise choice for CEO, rescued the bank from that near collapse and engineered a multi-year transformation with wealth management at its core. That strategic overhaul was accelerated by two signature deals announced in 2020, turning Morgan Stanley into a money-management powerhouse barreling toward a $10 trillion goal — and catapulting its market value above that of archrival Goldman Sachs Group Inc.

“The board’s selection of Ted Pick is an outstanding one,” Gorman said in the statement. “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.”

Pick beat out two other contenders — co-president Andy Saperstein and Dan Simkowitz, who has led investment management. Morgan Stanley said Wednesday that Saperstein will become head of wealth and investment management and named Simkowitz co-president and head of institutional securities.

“Morgan Stanley is a storied institution, and I am deeply honored to have been chosen to lead it,” Pick said in the statement. “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.”

The succession…

Sridhar Natarajan, Bloomberg

2023-10-25 19:49:11

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