Morgan Stanley names Ted Pick to replace James Gorman as CEO
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The news: US investment banking giant Morgan Stanley has named its new chief executive, with Ted Pick to replace Australian James Gorman after 14 years at the helm.
The numbers: Pick, a three-decade Morgan Stanley veteran and co-president, will begin his new role in January 2024. Gorman, who is 65, will stay on as executive chair.
The context: Gorman, once a surprise pick for chief executive, was credited with saving the firm from collapse by leading a transformation in the aftermath of the 2008 financial crisis.
What they said: "He had a singular vision for the place, and over 15 years took us from near bankruptcy to a winning place,” Pick said in an interview reported by Bloomberg.
The sources: Bloomberg, Morgan Stanley Media Release
