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Morgan Stanley chief executive James Gorman named longtime deputies Ted Pick and Andy Saperstein as co-presidents — setting up a race to succeed him at the helm of the Wall Street giant.
Pick, 52, will continue to lead institutional securities but will also be promoted to oversee Morgan Stanley’s international operations as co-head of firm strategy and execution. Saperstein, 54, runs the company’s wealth management division and will now assume responsibility for global marketing.
Both men have been critical in Morgan Stanley’s comeback after the financial crisis — with Pick building up the company’s stock trading business and Saperstein transforming the firm’s wealth management division over the last decade.
“The management appointments announced today reflect the next generation of leadership at Morgan Stanley,” Gorman said in a statement. “Ted Pick and Andy Saperstein lead our two largest businesses and have both played critical roles in our success.”
The announcement comes after a banner year for the bank as the stock more than doubled — jumping from $41 a share a year ago to more than $86 a share today. Over the last year, the bank also closed on acquisitions of popular trading platform E*Trade as well as investment company Eaton Vance.
Gorman, 62, has served as Morgan Stanley chief for 11 years but has been without a president by his side since longtime deputy Colm Kelleher left two years ago. And while Gorman has told the board he plans to stay for another three years, these announcements set the stage for the financiers to duke it out for the top spot.
Investment management chief Dan Simkowitz will also be promoted to co-head of firm strategy and execution. The firm’s chief financial officer Jonathan Pruzan will be promoted to chief operating officer. Head of investor relations Sharon Yeshaya will take over as CFO.
Morgan Stanley’s announcement comes just two days after JPMorgan chief Jamie Dimon announced he was appointing Marianne Lake and Jennifer Piepszak as co-heads to run the consumer and community bank. Although Dimon isn’t expected to leave for at least another five years, the women are seen as odds-on favorites to assume Dimon’s role when he does head for the exit.
Gorman added, “I look forward to continuing to work with each of these leaders and the rest of our Operating Committee and Management Committee in the coming years as we continue to build on our strong momentum.”
The changes will go into effect on June 1.
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