Ted Pick Named as Morgan Stanley’s Next CEO

Morgan Stanley has officially named Edward “Ted” Pick as its next Chief Executive Officer, bringing an end to the speculation surrounding James Gorman’s successor at the helm of the Wall Street giant.

Appointment of Ted Pick

The board of directors of Morgan Stanley announced on Wednesday evening that Ted Pick would assume the role of CEO, commencing January 1, 2024. This announcement marks the conclusion of the succession race to fill the shoes of current CEO James Gorman.

Tom Glocer, the lead director of the board, praised Pick as a strategic leader with a stellar track record in various aspects of the banking business, including client franchise development, talent retention, risk management, and upholding the organization’s culture and values.

Ted Pick’s Background and Accomplishments

Edward “Ted” Pick, aged 54, is widely credited with spearheading the transformation of Morgan Stanley’s crucial equities and fixed-income divisions. Having spent his entire career at the bank, Pick has earned a reputation as a tenacious “deal junkie” known for his assertiveness and dedication to closing challenging deals.

According to Insider reports, Pick is renowned for his hands-on approach, particularly in navigating complex negotiations and maintaining open communication channels with stakeholders. His ability to navigate tough deals and his unwavering commitment to achieving results have garnered widespread recognition within the industry.

Succession Planning and Promotions

James Gorman, who assumed the CEO role in 2010, has been steadfast in his commitment to facilitating a seamless transition of leadership within the organization. As part of the succession plan, Morgan Stanley has elevated Andy Saperstein and Dan Simkowitz, Pick’s main competitors, to key leadership positions within the bank.

Dan Simkowitz, formerly the head of investment management, will assume leadership of the institutional securities group, while also being appointed as co-president of the firm. Andy Saperstein, known for his successful stewardship of Morgan Stanley’s wealth unit, will oversee both the asset management division and the wealth business.

Implications and Return to Tradition

The selection of Ted Pick as CEO signals a return to Morgan Stanley’s traditional ethos under the leadership of James Gorman. Gorman’s tenure saw a strategic shift towards wealth and asset management, exemplified by significant acquisitions such as E-Trade. Pick’s appointment mirrors the leadership style of Gorman’s predecessor, John Mack, known for his bold risk-taking and aggressive business approach.

In a company culture that values loyalty, Ted Pick’s long-standing affiliation with Morgan Stanley is regarded as a testament to his dedication and commitment to the organization’s success.

As Morgan Stanley prepares for a new chapter under Ted Pick’s leadership, the industry awaits further developments following this pivotal announcement.