Morgan Stanley Announces Ted Pick To Become Chief Executive Officer On January 1, 2024; James Gorman To Become Executive Chairman
Portfolio Pulse from Benzinga Newsdesk
Morgan Stanley (NYSE:MS) has announced that Co-President Edward (Ted) Pick will become the firm's CEO, effective January 1, 2024. James Gorman will become Executive Chairman. Co-President Andy Saperstein will become the Head of Wealth and Investment Management, and Dan Simkowitz will become Co-President and the Head of Institutional Securities. The changes are part of a planned succession process.
October 25, 2023 | 9:34 pm
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Morgan Stanley's leadership transition is part of a planned succession process. The new CEO, Edward (Ted) Pick, has a strong track record at the firm, which could provide continuity and stability.
Leadership transitions can cause uncertainty, but in this case, the new CEO is a long-time executive at the firm, which could mitigate potential instability. However, the impact on the stock price is uncertain in the short term.
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