James Gorman, CEO of Morgan Stanley, has named longtime lawmakers Ted Pick and Andy Saperstein as co-presidents to start a race under the command of the Wall Street giant. ..
Pick, 52, will continue to lead institutional securities but has been promoted to oversee Morgan Stanley’s international operations as co-head of corporate strategy and execution. 54-year-old Saperstein heads the company’s wealth management department and is responsible for global marketing.
Both men were instrumental in Morgan Stanley’s comeback after the financial crisis. Pick built the company’s stock trading business, and Saperstein transformed the company’s asset management division over the past decade.
“The management appointments announced today reflect the next generation of executives at Morgan Stanley,” Gorman said in a statement. “Ted Pick and Andy Saperstein run our two largest companies and have both been instrumental in our success.”
The announcement comes after the bank’s banner year as shares have more than doubled, rising from $ 41 per share a year ago to more than $ 86 per share today. Last year the bank’s takeover of the popular trading platform E * Trade also came to an end. The same applies to the investment company Eaton Vance.
The 62-year-old Gorman has been head of Morgan Stanley for eleven years, but has not had a president on his side since long-term deputy Corum Kelleher left the company two years ago. Gorman said he plans to stay on the board for three more years, but those announcements have prepared financial firms to take the top spot.
Dan Simkowitz, Head of Investment Management, will also be promoted to Co-Head of Firm Strategy and Execution. The company’s chief financial officer, Jonathan Pruzan, has been promoted to chief operating officer. Sharon Yeshaya, Head of Investor Relations, will take over the position of CFO.
Morgan Stanley’s announcement comes just two days after JPMorgan chief executive Jamie Dimon announced he was appointing Marianne Lake and Jennifer Piepszak as co-heads to run the consumer and community bank. While Dimon is not expected to leave for at least five more years, the women are considered favorites to take on Dimon’s role when he makes his way to the exit.
Gorman added, “I look forward to continuing to work with each of these leaders and the rest of our Operations and Administrative Committee over the years to come as we build on our strong momentum.”