Morgan Stanley announced on Wednesday that Ted Pick will start as CEO on January 1, taking over from James Gorman, who served in the position since 2010.
In May, Gorman, 64, announced his intentions to step down as CEO within the year, adding that he will take on the role of executive chairman for a “period of time” amid the transition.
In response to the announcement, Gorman expressed his support for Pick, describing the board’s selection as “outstanding.” He highlighted his long history of collaboration with Pick, and his values, intelligence, and dedication.
Ted Pick has been with Morgan Stanley for over three decades. Jeenah Moon/Bloomberg | Getty Images.
“I have worked side by side with Ted since the financial crisis and have experienced first-hand his values, intellect, passion, and commitment to our people and our clients,” Gorman said in a statement. “He is battle-tested, understands complex risk, and works very effectively not just in the U.S., but around the globe. In short, he is an outstanding executive and leader.”
Pick emerged as the chosen leader over Andy Saperstein and Dan Simkowitz, The New York Times reported, who lead the wealth management and asset management divisions, respectively.
Who is Ted Pick?
Pick, a graduate of Middlebury College and an MBA alumni of Harvard Business School, boasts a lengthy career with Morgan Stanley, having been responsible for overseeing various aspects of the company including investment banking, equities, fixed income, capital markets, and research, per CNN.
Pick first joined Morgan Stanley in 1990, and by 2002, he was promoted to managing director, and in 2008, he became a part of the management committee. During the financial crisis of 2008, Pick played a pivotal role in helping the bank secure capital as it grappled with the threat of collapse, per Reuters. In 2012, he attained a position on the operating committee, which comprises the bank’s most senior leaders.
In 2015, Pick was appointed the global head of sales and trading, earning credit for orchestrating a remarkable turnaround of the bank’s fixed-income division.
For the past two years, Pick has served as co-president of Morgan Stanley.