Morgan Stanley has confirmed the anticipated appointment of CEO Ted Pick to chair the firm’s board of directors from the start of 2025.
Pick has been considered the likely successor to James Gorman who will leave the chairman role at the end of 2024 as reported in May following his decision to step down as CEO in January having earned a hefty $37 million in compensation for his final year in the role.
“It is time to hand the reins to the next generation of exceptional talent at Morgan Stanley. It has been an honor and a privilege to have led and been part of Morgan Stanley for nearly two decades, and I was blessed to work with so many talented, hard-working and values-driven colleagues. I am confident that with Ted’s tremendous leadership Morgan Stanley will continue its strong trajectory to even greater heights and new successes in the years ahead.”
It was announced this week that Gorman will become chair of the Disney board and while he will retire from employment with Morgan Stanley, he will become chairman emeritus as he steps down as chairman of the board.
Chairman-elect Pick will take up his new role in addition to his CEO duties and paid tribute to the outgoing chairman.
“Under James’ extraordinary leadership over the past 15 years, Morgan Stanley has become a world-class global financial institution with a long-term sustainable business model. He has transformed our institution and given it a winning strategy and culture,” he said. “I would like to thank him for his dedication to our Firm and the guidance and counsel he has personally provided me over the years. I would also like to thank the Board for the confidence they have expressed in me.”
When he started at CEO earlier this year, Pick made a point of highlighting the special relationship he has with the wealth management side of Morgan Stanley.
"The wealth business is actually in my blood," Pick said during a conference in January. "My dad and my father-in-law were both brokers once upon a time, and I grew up studying that business as a kid.”
Before becoming CEO in 2024, Pick served as Morgan Stanley’s co-President, co-head of firm strategy and head of the Institutional Securities Group, overseeing Investment Banking, Equities, Fixed Income, Global Capital Markets and Research.
Also, Orion has added BlackRock, Fidelity, and Vanguard to its custom portfolios suite, and RedBlack has set up a new headquarters after crossing a trillion-dollar milestone.
Also, New York-based Legacy Edge Advisors names its first-ever CEO, while Novare Capital Management hires a Vanguard veteran with a multigenerational planning focus.
Asset managers are racing to bring private market products to retirement plans, but cost and liquidity concerns linger.
Treasury's latest tax-exemption crackdown on private schools lands in the wake of a separate push to restrict refundable credits for some immigrant filers.
Workforce trust measures predicted which companies came out ahead during COVID-19. The same dynamic may now be playing out across the AI transition — and the data suggests the spread could be just as wide.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
