Morgan Stanley (MS) said yesterday (Oct. 25) it has named Ted Pick, currently the bank’s co-president, as its new CEO starting in 2024. The announcement ended a months-long succession race at one of the largest investment banks on Wall Street to replace the company’s outgoing chief executive.
Morgan Stanley announced in May that current CEO James Gorman, 65, would step down within a year after 14 years at the helm, and the bank would name his successor from one of its three main division heads: Pick, who leads Morgan Stanley’s institutional securities group; Andy Saperstein, global head of wealth management; and Dan Simkowitz, head of the bank’s investment management division.
The institutional securities group headed by Pick includes Morgan Stanley’s core investment banking business. He also oversees equities, fixed income, capital markets and research units, the bank said in yesterday’s announcement.
Following Pick’s promotion to CEO, his role will be filled by Simkowitz, while Simkowitz’s investment management division will be moved under Saperstein’s supervision. Saperstein will stay on as the head of wealth management in the meantime. As part of his transition, Pick will also join Morgan Stanley’s board, chaired by Gorman.
Who is Ted Pick?
Pick, 54, joined Morgan Stanley in 1990 after graduating from Middlebury College (he later also earned an MBA from Harvard Business School). Pick was promoted to managing director in 2002. Before his current role as co-president, he served as the bank’s global head of sales and trading and head of equity capital markets.
Pick is credited for turning around several of Morgan Stanley’s ailing business units in the aftermath of the 2008 Financial Crisis, including both the fixed income and equities divisions.
“I have worked side by side with Ted since the financial crisis and have experienced first-hand his values, intellect, passion and commitment to our people and our clients,” Gorman said in a statement yesterday. “He is battle-tested, understands complex risk, and works very effectively not just in the U.S., but around the globe.”
“Morgan Stanley is a storied institution…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,” Pick said in a statement.
Pick is a trustee at the Metropolitan Museum of Art in New York, serving on the museum’s investment and nominating & governance Committees.