Morgan Stanley appoints Ted Pick as new CEO
Morgan Stanley has appointed its current co-president Edward (Ted) Pick as its new chief executive officer (CEO) and member of its board of directors, effective 1 January 2024.
Morgan Stanley names new CEO
James Gorman will transition to the role of executive chairman after serving as CEO of the company for the last 14 years. Commenting on his decision, Gorman says he feels “strongly that now is the time to step aside”. He first revealed his intention to step down at the firm’s 2023 annual general meeting of shareholders.
On Pick’s appointment, he adds: “I have worked side-by-side with Ted since the financial crisis. He is battle-tested, understands complex risk, and works very effectively not just in the US, but around the globe.”
Pick has been a long-standing executive at Morgan Stanley having first joined the firm in 1990. He was promoted to managing director in 2002 and has also served as head of equity capital markets, head of institutional equities, and global head of sales and trading.
Over the last two years, he has served as the company’s co-president alongside his existing roles as head of the institutional securities group and co-head of firm strategy.
Describing Morgan Stanley as a “storied institution”, Pick says that the firm is “well-positioned to succeed across market cycles”.
As part of its leadership changes, Morgan Stanley has also appointed co-president Andy Saperstein as head of wealth and investment management, and Dan Simkowitz as co-president and head of institutional securities.
