Morgan Stanley, the renowned Wall Street bank, has announced that Edward Pick, also known as “Ted,” will take over as their new CEO on January 1. He will succeed the current CEO, James Gorman, who will transition into the role of executive chairman.
Edward Pick has been with Morgan Stanley for two years as co-president and has been overseeing the Institutional Securities Group. In this position, he has been responsible for investment banking, equities, fixed income, capital markets, and research. In addition to becoming the CEO, Pick will also join the company’s board in January.
As part of the leadership changes, fellow co-president Andy Saperstein will be assuming the role of head of Morgan Stanley’s Wealth and Investment Management division. Meanwhile, Dan Simkowitz will become co-president and head of Institutional Securities.
James Gorman, who has been the CEO of Morgan Stanley for 14 years, had previously announced his plans to step down. In a statement during the bank’s shareholder meeting, Gorman expressed his confidence in Pick’s ability to take on the role. He described Pick as “battle-tested” with a strong understanding of complex risks and global operations.
Edward Pick has had an extensive career at Morgan Stanley since joining in 1990. He has held leadership positions in the sales and trading division.
Following the announcement, there was no immediate impact on Morgan Stanley’s stock price in after-hours trading.