David A. Grogan | CNBC
James Gorman, CEO of Morgan Stanley, promoted a quartet of executives on Thursday and started a race to succeed him at one of Wall Street’s leading investment banks.
The firm named Ted Pick, 52, who heads Wall Street’s trading and advisory division, and head of wealth management, Andy Saperstein, 54, are co-presidents from next month, according to a company statement.
52-year-old CFO Jon Pruzan has been named chief operating officer, and 56-year-old head of investment management, Dan Simkowitz, has been named co-head of strategy with Pick.
The changes at Morgan Stanley in New York, a Wall Street trading, investment banking and wealth management powerhouse, come days after JPMorgan Chase promoted two executives to run its massive retail bank and found potential successors to CEO Jamie Dimon.
“The management appointments announced today reflect the next generation of executives at Morgan Stanley,” Gorman, 62, said in the statement. “Ted Pick and Andy Saperstein run our two largest companies and have both played a critical role in our success. They are proven leaders and managers.”
In an interview, Gorman said he was “very confident” that one of his deputies will eventually become CEO, according to Bloomberg, who previously covered the overhaul.
Gorman is likely to stay as CEO for another three to five years and is not interested in extending his term beyond that, CNBC’s Wilfred Frost reported Thursday. According to Frost, his top priorities are maintaining his successor and further integrating three recent acquisitions.
Sharon Yeshaya, head of investor relations, is being promoted to CFO to replace Pruzan, the bank said.
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