Morgan Stanley Names Pick as Next CEO; Gorman to Be Chairman -- Update

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 [e-mail]

(END) Dow Jones Newswires

October 25, 2023 18:01 ET (22:01 GMT)

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