Morgan Stanley’s (MS.N) Ted Pick won the race to succeed long-time CEO James Gorman and on Wednesday 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 said 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.
Pick, 54, a three-decade company veteran who heads the institutional securities division, home to the bank’s investment banking and trading unit, had been the favorite to win a three-man race against insiders Andy Saperstein and Dan Simkowitz.
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