Ted Pick Succeeds James Gorman in the role of CEO at Morgan Stanley

Morgan Stanley has announced that Ted Pick will take over as CEO at the beginning of 2024, succeeding James Gorman. Ted Pick will also join Morgan Stanley’s board of directors. James Gorman will continue as the executive chairman for an unspecified period.

Pick, who has served as co-president of Morgan Stanley for the past two years, has been in charge of the bank’s institutional securities group, overseeing investment banking and trading activities. He is widely regarded as the frontrunner for the CEO position due to his track record of turning around two high-risk businesses: equities and fixed-income operations.

This announcement concludes the succession race for the top position on Wall Street. It was revealed in May that Gorman intended to step down within a year, and his successor would be chosen from the heads of the bank’s three main divisions.

Ted Pick, who joined Morgan Stanley in 1990 after graduating from Middlebury College and obtaining a Harvard MBA, earned his reputation by successfully reviving several businesses during a challenging period for the bank. In the aftermath of the 2008 global financial crisis, he transformed Morgan Stanley’s equities division into the global leader in terms of revenue, partially through technology investments for quantitative investors and a focus on becoming a top prime broker to hedge funds. He later took on the troubled fixed-income business and orchestrated another turnaround, ultimately leading to his promotion as CEO.

James Gorman expressed confidence in the selection of Ted Pick, praising his values, intellect, and commitment to clients and employees. He described Pick as “battle-tested” and capable of handling complex risks on a global scale.

Furthermore, Andy Saperstein, a colleague of Pick, received expanded responsibilities. Already the global head of wealth management, Saperstein now also oversees the investment management division. Dan Simkowitz, the former head of the investment management division, has been appointed co-president of Morgan Stanley and head of institutional securities. This realignment is aimed at retaining key individuals who were not chosen for the CEO role, a strategy to prevent talent from leaving the firm after succession races, which is a common practice on Wall Street.

Have you read it?
From Tricycle Escapades to Corporate Triumphs: How the Spirit of Adventure Defines Leadership.
Five Ways to Make the Most of a Strategic Pause.
Want to Build a Better Work Team? Begin With the Power of Belonging.
The Impact of Customer Advocacy on Business.
Four Keys to Great Management: A Meta-Framework.