Morgan Stanley Appoints Ted Pick as New CEO to Succeed James Gorman in January

Pick to take over as CEO after a highly publicized three-way race, with rivals Andy Saperstein and Dan Simkowitz named as co-presidents, aiming to continue James Gorman's strategy of diversification and growth.

Ted Pick, a three-decade veteran of Morgan Stanley, will succeed James Gorman as CEO in January. His primary rivals for the position, Andy Saperstein and Dan Simkowitz, have been named as co-presidents of the firm.
Under Gorman's leadership, Morgan Stanley underwent a dramatic transformation, with wealth management becoming one of its core focuses. This strategic overhaul was accelerated by significant deals announced in 2020, turning Morgan Stanley into a money-management powerhouse.
Pick is credited with leading a revival in Morgan Stanley's trading business, a vital part of the company that faced significant challenges during the 2008 financial crisis. Prior to his appointment as CEO, he oversaw the institutional securities division at the firm.
Morgan Stanley's stock has fallen 17 percent during this year, but neither Gorman nor Pick have expressed concern about this, both stating that the bank's strategy will remain unchanged with the change in leadership.
One of the primary challenges for Pick will be to restore Morgan Stanley’s market share in the investment bank sector after losing ground to Goldman Sachs and JPMorgan Chase & Co.