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| Morgan Stanley Announces Ted Pick to Become Chief Executive Officer on January 1, 2024; James Gorman to Become Executive Chairman |
Morgan Stanley, a prominent global financial services firm (NYSE: MS), recently made a significant announcement regarding changes in its leadership team. In a move that will take effect on January 1, 2024, Co-President Edward (Ted) Pick will ascend to the role of Chief Executive Officer, while James Gorman, the current CEO, will transition to the position of Executive Chairman. Notably, Mr. Pick will also join the Board of Directors at that time.
This strategic shift also involves the appointment of Co-President Andy Saperstein as the Head of Wealth and Investment Management, and Dan Simkowitz as Co-President and Head of Institutional Securities.
The decision to promote Ted Pick as CEO is the culmination of an intentional and comprehensive succession process conducted by the Board of Directors, under the leadership of Dennis Nally, the Chair of the Compensation, Management Development, and Succession Committee. The Board expressed unanimous confidence in Ted Pick's ability to lead Morgan Stanley into the future. The firm's Lead Director, Tom Glocer, emphasized Ted's exceptional track record in client franchise development, talent retention, risk management, and commitment to Morgan Stanley's values and culture.
In his announcement at the 2023 annual general meeting, James Gorman expressed his intention to step down as Chief Executive Officer before the 2024 annual general meeting. He praised the Board's selection of Ted Pick, highlighting his values, intellect, and global effectiveness. Mr. Gorman will continue to play a critical role as Executive Chairman, providing invaluable insights and experience.
In addition to these leadership changes, Andy Saperstein and Dan Simkowitz will assume expanded roles as Co-Presidents, offering their world-class leadership to support Ted Pick's tenure as CEO. Their promotion underlines the firm's commitment to maintaining a strong and balanced leadership team.
Ted Pick, upon his appointment, expressed deep honor and excitement about leading Morgan Stanley. He recognized the firm's global diversified business and leading client franchise. He credited James Gorman's leadership for positioning the firm well for future growth. Mr. Pick also thanked the Board for their trust and expressed eagerness to collaborate closely with the leadership team, including Andy, Dan, and all employees, to serve clients and shareholders effectively.
Background on Mr. Edward (Ted) Pick:
Ted Pick has been serving as Co-President of Morgan Stanley, overseeing the Institutional Securities Group, which includes Investment Banking, Equities, Fixed Income, Capital Markets, and Research. He is also Co-Head of Firm Strategy. Mr. Pick has a history of transforming and leading various divisions within the firm and is a trusted member of the firm's leadership committees.
Morgan Stanley is a renowned financial services firm, operating globally and providing a wide range of investment banking, securities, wealth management, and investment management services. With a presence in 42 countries, the firm serves a diverse range of clients, including corporations, governments, institutions, and individuals.
For more information about this announcement and Morgan Stanley's services, please visit www.morganstanley.com.
Contacts:
Media Relations: Wesley McDade, 212.761.2430
Investor Relations: Leslie Bazos, 212.761.5352
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