The Board of Directors of Morgan Stanley announced that Co-President Edward (Ted) Pick will become the Firm’s Chief Executive Officer, effective January 1, 2024.
James Gorman will become Executive Chairman. Mr. Pick will also join Morgan Stanley’s Board of Directors at that time.
The Firm also announced that Co-President Andy Saperstein will become the Head of Wealth and Investment Management, and that Dan Simkowitz will become Co-President of the Firm and the Head of Institutional Securities.
Mr. Gorman announced at the Firm’s 2023 annual general meeting of shareholders his intention to step down as Chief Executive Officer before the 2024 annual general meeting.
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. We believe that the Board’s rigorous and well-managed succession process, under the leadership of Dennis Nally, the Chair of our Compensation, Management Development and Succession Committee, has resulted in the appointment of an outstanding CEO while also demonstrating the strength and depth of Morgan Stanley’s leadership talent.”
Background on Mr. Edward (Ted) Pick
Edward (Ted) Pick has served as Co‐President of Morgan Stanley for the past two years. As Head of the Institutional Securities Group, he oversees Investment Banking, Equities, Fixed Income, Capital Markets and Research. He is also Co‐Head of Firm Strategy.
Prior to his current role, Mr. Pick served as Global Head of Sales and Trading, engineering a turnaround of the Firm’s Fixed Income Division. As Head of Institutional Equities, he led that business to a leading global position. Mr. Pick was previously Head of Equity Capital Markets. He also helped the Firm actively raise capital during the financial crisis.
Mr. Pick joined Morgan Stanley in 1990 and was promoted to Managing Director in 2002. He is a member of the Firm’s Operating Committee (2012), Management Committee (2008) and Morgan Stanley‐MUFG Steering Committee (2013).
Mr. Pick graduated Phi Beta Kappa from Middlebury College and received an MBA from the Harvard Business School. He is a Trustee at the Metropolitan Museum of Art (the MET) serving on the MET’s Investment and Nominating & Governance Committees.
Mr. Pick is Chair of the Advisory Board for the Morgan Stanley Alliance for Children’s Mental Health and a board member of the Institute of International Finance.
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