Who's in the running for Morgan Stanley's new CEO?
Morgan Stanley’s Ted Pick was promoted to head the division that houses all of its investment bankers and traders, bolstering his position as a possible successor to CEO James Gorman.
Pick, 49, led Morgan Stanley’s equity-trading business to No. 1 for the past four years. After being put in charge of the company’s fixed-income turnaround effort in 2015, Pick cut about 25% of the division’s staff and installed new management. The push started to bear fruit last year as Morgan Stanley posted the smallest drop in revenue from that business on Wall Street.
Gorman, 59, has been moving senior executives for the past few years in an effort to groom his eventual successor, though he’s indicated he plans to stay on several more years. Franck Petitgas, 57 and also considered a CEO candidate, was appointed head of the bank’s international operations, according to an internal memo on Tuesday.
“Broadening the experience and skill sets of our senior leaders is a critical component of sustaining Morgan Stanley’s future success,” Gorman and President Colm Kelleher said in the memo. The firm previously had named bankers Dan Simkowitz and Jon Pruzan to be head of asset management and chief financial officer, respectively.
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As part of the changes, the firm also named Susie Huang co-head of the investment-banking unit, replacing Petitgas. Gokul Laroia, David Russell and Alan Thomas were named co-heads of the equity-trading business, which has been top-ranked on Wall Street by revenue.