Morgan Stanley stated late Wednesday that Co-President Edward “Ted” Pick will develop into its chief govt, efficient Jan. 1.
Outgoing Chief Executive James Gorman will develop into govt chairman, Morgan Stanley stated. Pick can even be part of the agency’s board of administrators.
“The board has unanimously determined that Ted Pick is the right person to lead Morgan Stanley and build on the success the firm has achieved under James Gorman’s exceptional leadership,” the corporate stated in a press release.
“Ted is a strategic leader with a strong track record of building and growing our client franchise, developing and retaining talent, allocating capital with sound risk management, and carrying forward our culture and values,” it stated.
Gorman had introduced his intention to step down in May, setting off a “Sucession”-like run for the highest job on the funding financial institution.
Pick’s title had been amongst these within the working. The govt joined Morgan Stanley in 1990, and was promoted to managing director in 2002, in response to his bio on the corporate’s web site.
Gorman grew to become CEO in January 2010, having joined the agency in 2006.
The lack of a transparent successor at Morgan Stanley has weighed on its inventory currently.
The shares are down 24% within the final three months, thrice the losses for the S&P 500 index
in the identical interval. So far this yr, Morgan Stanley shares are down 16%, contrasting with an advance of about 9% for the S&P.
Source web site: www.marketwatch.com