Morgan Stanley's Ted Pick to take helm as CEO from James Gorman
© Reuters. FILE PHOTO: A screen displays the trading information for Morgan Stanley on the floor of the New York Stock Exchange in New York City, U.S., January 19, 2022. REUTERS/Brendan McDermid/File Photo
Pick, 54, a three-decade company veteran who heads the institutional securities division, home to the bank's investment banking and trading unit, had been the favorite to win a three-man race against insiders Andy Saperstein and Dan Simkowitz. Meanwhile, the absence of women from the slate of potential candidates underscored Wall Street's diversity gap.
Prior to his current role, he was the global head of sales and trading and engineered a turnaround of the firm's fixed income division. Gorman said the turnaround was a difficult time in which he saw Pick could make"tough calls" and keep people motivated. Mulberry said Pick also added"stability and experience" that the bank had been"missing as this succession discussion has been going on."
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