Ted Pick took the helm at Morgan Stanley as Chief Executive Officer on 1 January 2024, completing a succession process that the bank's board announced in October 2023. James Gorman transitions to the role of Executive Chairman.
Gorman's tenure included the acquisitions of E*Trade and Eaton Vance.
AN INSTITUTIONAL SECURITIES VETERAN
Pick spent his career at Morgan Stanley building and leading the Institutional Securities business, which spans sales and trading, investment banking, and capital markets. He was elevated to CEO from Co-President.
Alongside Pick's appointment, Andrew Saperstein, already Co-President and Head of Wealth Management, added responsibility for Investment Management, and Daniel Simkowitz, previously Head of Investment Management, became Co-President and Head of Institutional Securities.
STRATEGY
Pick said when his appointment was announced that Morgan Stanley had "a leadership transition but not a change in strategy".