Morgan Stanley's Ted Pick won the race to succeed long-time CEO James Gorman and promised to stick to the blue chip Wall Street firm's strategy as it navigates a deal-making slump and uncertain economic outlook.
The investment bank announced Wednesday that Gorman, who has held the top job since 2010 and steered the bank in the aftermath of the 2008 financial crisis, will become executive chairman and may stay a full year to help with the transition.
Meanwhile, the absence of women from the slate of potential candidates underscored Wall Street's diversity gap. Prior to his current role, he was the global head of sales and trading and engineered a turnaround of the firm's fixed income division. Gorman said the turnaround was a difficult time in which he saw Pick could make "tough calls" and keep people motivated.
Mulberry said Pick also added "stability and experience" that the bank had been "missing as this succession discussion has been going on." Gorman said the bank had kept to timetable and had announced it after its October board meeting, adding that Pick, chosen for his leadership abilities and "mental toughness," had received a standing ovation from the board after being informed. The bank targeted this month so the new CEO could get a "running start" to begin in January, he said.Gorman joined Morgan Stanley in February 2006 and was named co-president the following year.
"Morgan Stanley is generally in very good shape as left by Gorman," said Stephen Biggar, analyst at Argus Research.
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