Morgan Stanley (NYSE:MS) is set to appoint its next CEO in the next 12 months, according to current Chief Executive James Gorman. The Wall Street firm’s board has identified three strong candidates to succeed Gorman, who will become executive chairman once a new CEO is chosen. The candidates are Edward (Ted) Pick, 54, Andy Saperstein, 56, and Daniel Simkowitz, 58.
Pick is co-president and head of the institutional securities group, overseeing investment banking, equities, fixed income, global capital markets and research. Saperstein is co-president and head of the firm’s wealth management unit, and Simkowitz is head of investment management and co-head of the firm’s strategy and execution. All three serve on Morgan Stanley’s operating committee.
Gorman has been CEO since 2010 and has overseen the firm’s transformation into a more diversified financial services company. He has also led the firm through the coronavirus pandemic, which has had a significant impact on the financial services industry. With the appointment of a new CEO, Morgan Stanley is well-positioned to continue its success in the years to come.