Global financial firm Morgan Stanley said James Gorman will step down from his role as CEO on Wednesday. The company also said Edward Pick will take over as new executive chief, effective January 1.
Gorman revealed his intentions to step down from the position of CEO at the firm’s 2023 annual shareholders meeting. Prior to this, he worked with reputed companies as Merrill Lynch and McKinsey & Co under senior roles.
Gorman will take over as executive chairman of the company and the company said Pick will join Morgan Stanley’s board.
The wealth management firm introduced a few more leaders on board, including Andy Saperstein to be the head of Wealth and Investment Management, and Dan Simkowitz to take over as co-president of the firm and head of Institutional Securities.
Newly named executive chief, Pick served mostly recently as co‐president of Morgan Stanley for the past two years, where he oversaw investment banking, equities, fixed income, capital markets and research. Pick has been with the company for around three decades and served in several other leadership roles.
New York-based Morgan Stanley is a global financial company providing a wider range of financial service ranging from investment banking, securities, wealth management and investment management services.
