Morgan Stanley Appoints 'Battle-Tested' Edward Pick As CEO, James Gorman To Assume Role Of Executive Chairman

Morgan Stanley MS appointed its Co-President, Edward (Ted) Pick, as the Chief Executive Officer, effective January 1, 2024. 

The banking behemoth's current CEO, James Gorman, will become Executive Chairman. 

Gorman announced at the firm's 2023 annual general meeting of shareholders his intention to step down as Chief Executive Officer before the 2024 annual general meeting.

Gorman's comments on Pick reads, "I have worked side by side with Ted since the financial crisis...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, who will also join Morgan Stanley's Board of Directors, has served as Co‐President of Morgan Stanley for the past two years.

Prior to his current role, Pick served as Global Head of Sales and Trading, engineering a turnaround of the firm's Fixed Income Division.

Morgan Stanley also announced that Co-President Andy Saperstein will become the Head of Wealth and Investment Management and that Dan Simkowitz will become Co-President of the firm and the Head of Institutional Securities.

The bank recently reported a Q3 net profit applicable of $2.4 billion, or $1.38 per share, compared to a net income of $2.6 billion or $1.47 per share in the prior year. 

The company reported revenues of $13.27 billion, beating the consensus of $12.58 billion.

Price Action: MS shares are trading lower by 0.06% to $71.36 premarket on the last check Thursday.