Morgan Stanley Announces Ted Pick to Become Chairman on January 1, 2025
Morgan Stanley (NYSE: MS) announced that CEO Ted Pick will assume the additional position of Chairman, effective January 1, 2025. Current Chairman James Gorman will step down and retire from the firm at the end of 2024, being named Chairman Emeritus. The Board of Directors expressed gratitude to Gorman for his transformative 15-year leadership, during which Morgan Stanley evolved into a world-class global financial institution. Pick acknowledged Gorman's role in establishing a winning strategy and culture, while the Board affirmed their confidence in Pick's leadership to further strengthen the global franchise.
Morgan Stanley (NYSE: MS) ha annunciato che il CEO Ted Pick assumerà la posizione aggiuntiva di Presidente, a partire dal 1 gennaio 2025. L'attuale Presidente James Gorman si dimetterà e andrà in pensione alla fine del 2024, venendo nominato Presidente Emerito. Il Consiglio di Amministrazione ha espresso gratitudine a Gorman per la sua leadership trasformativa durata 15 anni, periodo durante il quale Morgan Stanley è evoluto in una istituzione finanziaria globale di primo livello. Pick ha riconosciuto il ruolo di Gorman nell'instaurare una strategia e una cultura vincenti, mentre il Consiglio ha confermato la propria fiducia nella leadership di Pick per rafforzare ulteriormente il franchising globale.
Morgan Stanley (NYSE: MS) anunció que el CEO Ted Pick asumirá el cargo adicional de Presidente, con efecto a partir del 1 de enero de 2025. El actual Presidente James Gorman renunciará y se retirará de la firma a finales de 2024, siendo nombrado Presidente Emérito. La Junta Directiva expresó su agradecimiento a Gorman por su liderazgo transformador de 15 años, durante el cual Morgan Stanley evolucionó hasta convertirse en una institución financiera global de clase mundial. Pick reconoció el papel de Gorman en el establecimiento de una estrategia y cultura ganadora, mientras que la Junta reafirmó su confianza en la liderazgo de Pick para fortalecer aún más la franquicia global.
모건 스탠리 (NYSE: MS)는 CEO 테드 픽이 2025년 1월 1일부터 의장직을 추가로 맡게 될 것이라고 발표했습니다. 현 의장 제임스 고먼은 2024년 말에 퇴임하고 은퇴하면서 명예 의장으로 임명됩니다. 이사회는 고먼에게 15년 동안의 변혁적인 리더십에 대한 감사를 표하며, 이 기간 동안 모건 스탠리가 세계적인 글로벌 금융 기관으로 발전했다고 밝혔습니다. 픽은 고먼의 경험이 성공적인 전략과 문화를 만드는 데 중요한 역할을 했다고 인정했으며, 이사회는 픽의 리더십에 대한 신뢰를 재확인하여 글로벌 프랜차이즈를 더욱 강화할 것을 확신했습니다.
Morgan Stanley (NYSE: MS) a annoncé que le PDG Ted Pick assumera la position supplémentaire de Président, à compter du 1er janvier 2025. L'actuel Président James Gorman quittera ses fonctions et prendra sa retraite à la fin de 2024, étant nommé Président Émérite. Le Conseil d'Administration a exprimé sa gratitude envers Gorman pour son leadership transformateur de 15 ans, période au cours de laquelle Morgan Stanley est devenue une institution financière mondiale de premier plan. Pick a reconnu le rôle de Gorman dans l'établissement d'une stratégie et d'une culture gagnantes, tandis que le Conseil a affirmé sa confiance dans le leadership de Pick pour renforcer davantage la franchise mondiale.
Morgan Stanley (NYSE: MS) gab bekannt, dass CEO Ted Pick ab dem 1. Januar 2025 zusätzlich die Position des Vorsitzenden übernehmen wird. Der derzeitige Vorsitzende James Gorman wird Ende 2024 zurücktreten und das Unternehmen verlassen, wobei er zum Ehrenvorsitzenden ernannt wird. Der Vorstand drückte seine Dankbarkeit gegenüber Gorman für seine transformative 15-jährige Führung aus, in deren Verlauf sich Morgan Stanley zu einer erstklassigen globalen Finanzinstitution entwickelte. Pick würdigte Gormans Rolle bei der Etablierung einer erfolgreichen Strategie und Kultur, während der Vorstand sein Vertrauen in Picks Führung bekräftigte, um das globale Geschäft weiter zu stärken.
- Smooth leadership transition planned with current CEO taking Chairman role
- Continuity in strategic direction maintained through internal succession
- None.
Insights
The appointment of Ted Pick as both CEO and Chairman represents a traditional but increasingly scrutinized leadership structure in financial institutions. While Pick's dual role maintains continuity in Morgan Stanley's strategic direction, it raises modern corporate governance considerations about power concentration. The presence of Tom Glocer as Lead Director provides an important counterbalance. Gorman's legacy includes transforming Morgan Stanley into a more stable business model through strategic acquisitions like E*TRADE and Eaton Vance, significantly reducing reliance on volatile trading revenues. The timing and structured nature of this leadership transition demonstrates strong succession planning, which typically supports institutional stability.
CEO Ted Pick was Elected by Board to Additional Position of Chairman in 2025; James Gorman to Step Down as Chairman and Retire from Firm at Year End
James Gorman will step down as Chairman and leave the Board as expected at the end of 2024. Mr. Gorman will also retire from employment at Morgan Stanley and be named Chairman Emeritus at that time.
CEO and Chairman-elect Ted Pick said, “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. 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.”
Chairman James Gorman said, “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.”
Tom Glocer, Lead Director of the Board, said, “The Board is profoundly grateful to James for the transformation of our Firm under his leadership. Our Board benefited immensely from his strategic vision, patient execution and focus on talent development. Ted has proven to be an outstanding Chief Executive, and as Chairman and CEO, he will continue to strengthen and grow our world-class global franchise, attract top talent to our platform and carry forward our culture and values.”
Morgan Stanley is a leading global financial services firm providing a wide range of investment banking, securities, wealth management and investment management services. With offices in 42 countries, the Firm’s employees serve clients worldwide including corporations, governments, institutions and individuals. For further information about Morgan Stanley, please visit www.morganstanley.com.
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Media Relations Contact: Wesley McDade, 212.761.2430
Investor Relations Contact: Leslie Bazos, 212.761.5352
Source: Morgan Stanley
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