Morgan Stanley has selected a successor to its retiring CEO.
The investment bank said in a press release that Ted Pick, its co-president, will take over for James Gorman on Jan. 1. Gorman, who has led Morgan Stanley for the past 14 years, will become executive chairman; Pick will join the board.
Andy Saperstein, Morgan Stanley’s other co-president, will become head of wealth and investment management. Dan Simkowitz will become co-president and head of institutional securities.
Gorman announced earlier this year that he planned to retire.
Pick “is a strategic leader with a strong track record of building and growing our client franchise, developing and retaining talent, allocating capital with sound risk management, and carrying forward our culture and values,” Tom Glocer, Morgan Stanley’s lead director, said in the release
“We believe that the board’s rigorous and well-managed succession process … has resulted in the appointment of an outstanding CEO while also demonstrating the strength and depth of Morgan Stanley’s leadership talent,” Glocer added.
Pick, who joined Morgan Stanley in 1990, has served as co-president for two years, while also serving as head of the institutional securities group and co-head of firm strategy.