Edward (Ted) Pick Takes over the CEO Role of Morgan Stanley from James Gorman

The Board of Directors of Morgan Stanley announced on Wednesday (October 25, 2023) that Co-President Edward (Ted) Pick will become the Firm's Chief Executive Officer, effective January 1, 2024. James Gorman will become Executive Chairman. Mr. Pick will also join Morgan Stanley's Board of Directors at that time.

Mr. Gorman announced at the Firm's 2023 annual general meeting of shareholders his intention to step down as Chief Executive Officer before the 2024 annual general meeting.

The Firm also announced that Co-President Andy Saperstein will become the Head of Wealth and Investment Management, and that Dan Simkowitz will become Co-President of the Firm and the Head of Institutional Securities.

Tom Glocer, Lead Director of the Board, said, "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. 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."

Mr. Gorman said, "For several years I have worked with the Board to ensure an orderly succession, and I feel strongly that now is the time to step aside. The Board’s selection of Ted Pick is an outstanding one. I have worked side by side with Ted since the financial crisis and have experienced first-hand his values, intellect, passion and commitment to our people and our clients. He is battle-tested, understands complex risk, and works very effectively not just in the U.S., but around the globe. In short, he is an outstanding executive and leader."

"I am also delighted that Andy and Dan will take on expanded leadership roles. Both are world-class executives, with outstanding values and intellect. As Co-Presidents of Morgan Stanley, Andy and Dan will be invaluable leaders in helping Ted manage the Firm. Through the transition period and my time as Executive Chairman, I will do everything I can to support Ted as our new CEO."

Edward (Ted) Pick has served as Co‐President of Morgan Stanley for the past two years. As Head of the Institutional Securities Group, he oversees Investment Banking, Equities, Fixed Income, Capital Markets and Research. He is also Co‐Head of Firm Strategy.

Prior to his current role, Mr. Pick served as Global Head of Sales and Trading, engineering a turnaround of the Firm's Fixed Income Division. As Head of Institutional Equities, he led that business to a leading global position. Mr. Pick was previously Head of Equity Capital Markets. He also helped the Firm actively raise capital during the financial crisis.

Mr. Pick joined Morgan Stanley in 1990.