FILE - Chairman and Chief Executive Officer of Morgan Stanley James Gorman speaks during the Global Financial Leaders’ Investment Summit in Hong Kong, Wednesday, Nov. 2, 2022. Gorman, who announced plans to step down in May, will be replaced by bank veteran Ted Pick as CEO of Morgan Stanley, the Wall Street firm announced Wednesday, Oct. 25, 2023. Pick will succeed Gorman effective Jan. 1. Pick has served as co-president of Morgan Stanley for the past two years.
In a prepared statement, Pick said Wednesday that he was deeply honored to head the storied institution and was excited for future growth. He also credited Gorman’s leadership for making Morgan Stanley “well-positioned to succeed across market cycles.” Gorman, who first joined the New York bank as chief operating officer of its Global Wealth Management Group in 2006, became CEO in 2010 — in the wake of the financial crisis, when the investment bank came dangerously close to collapsing.
He made it his mission to stabilize Morgan Stanley’s business for the long term. The firm built out its wealth management business substantially, a business that brings in regular fee income instead of when deals close. Morgan Stanley also bought ETrade and Eaton Vance to further build out its wealth management business.
Gorman said in a prepared statement Wednesday that he had worked with the board for several years to ensure an orderly succession. He applauded the selection of Pick — calling his successor “battle-tested” and an outstanding executive and leader.