Ted Pick (L) and Andy Saperstein (R). Image courtesy of Morgan Stanley
The two executives are both long-serving employees who hold key management roles and both head global business units with market leadership positions.
Pick, who leads Morgan Stanley’s Institutional Securities business, will now also be responsible for the bank’s international operations and become the Co-Head of Firm Strategy and Execution.
Saperstein, who is responsible for Morgan Stanley’s Wealth Management business, will now oversee all Wealth Management channels, including Financial Advisors, E*TRADE, and Morgan Stanley at Work. He will also assume responsibility for Firmwide Marketing globally.
These moves on their own are massive internal shakeups for the financial giant as Pick and Saperstein are widely considered to be in the running for the company’s top office. Chariman and CEO James Gorman has led Morgan Stanley since 2010, making him one of the longest serving CEOs on Wall Street, and recently informed the board that he plans serve at least three more years.
The duo's promotion has led many to belive they are being groomed as Gorman's potential replacments, kicking of a race to be the prestigious bank's next CEO.
In a press release Gorman called Pick and Saperstein, who lead the bank’s two largest businesses, both proven leaders and managers.
In addition to the two new Co-Presidents, Morgan Stanley also shook up a large chunk of its core leadership with a slew of promotions and additions.
Dan Simkowitz, the Head of Investment Management, will add Co-Head of Firm Strategy and Execution to his title and responsibilities.
Jonathan Pruzan, the bank’s current CFO, will become COO and oversee Technology, Operations, Firm Resilience, as well as Morgan Stanley’s U.S. Banks, and Corporate Services.
Sharon Yeshaya, an Managing Director and Head of Investor Relations, will replace Pruzan as CFO and join Morgan Stanley’s Operating Committee.
Shelley O’Connor, who currently leads Morgan Stanley’s U.S. Banks, will become a Vice Chairman and oversee Community Affairs, Corporate Affairs, Global Sustainable Finance, and the Multi-Cultural Client Strategy Group as Head of External Affairs.
Mike Pizzi, the Head of Digital Direct and Co-Head of Equity Administration, will become Head of U.S. Banks and report to Pruzan.
Jed Finn, the COO of Wealth Management and the Head of Corporate and Institutional Solutions in the Wealth Management business, will now have a seat on Morgan Stanley’s Operating Committee.
Gorman said the company’s new appointments reflect the next generation of the institution’s leadership and concluded, “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.”
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