Morgan Stanley (MS.N) will likely appoint its next CEO in the next 12 months, its current Chief Executive James Gorman said on Friday.
Gorman, 64, told shareholders that the Wall Street firm's board has identified three strong candidates to succeed him. Gorman will become executive chairman once a new CEO is chosen.
Here are biographies of the candidates, who all serve on Morgan Stanley's operating committee.
EDWARD (TED) PICK, 54
Ted Pick is co-president and head of the institutional securities group at Morgan Stanley. He oversees investment banking, equities, fixed income, global capital markets and research.
Pick previously served as global head of sales and trading. As head of institutional equities, he led that business to become the No. 1 franchise globally for five years.
One of the businesses under Pick is under investigation by U.S. authorities over its block trading practices in stocks. In May, Morgan Stanley said it is looking to resolve an investigation by U.S. regulators.
Pick joined Morgan Stanley in 1990 and was promoted to managing director in 2002.
ANDY SAPERSTEIN, 56
Andy Saperstein is the firm's co-president and head of its wealth management unit, which has grown through a series of acquisitions under Gorman.
Saperstein previously served as chief operating officer (COO) in the institutional securities group. He joined Morgan Stanley in 2006 as COO of national sales and became head of U.S. wealth management after the acquisition of Smith Barney in 2009.
Earlier in his career, Saperstein held numerous leadership roles at Merrill Lynch and was a partner in the financial institutions group of McKinsey & Co.
DANIEL SIMKOWITZ, 58
Dan Simkowitz is head of investment management at Morgan Stanley and co-head of the firm's strategy and execution.
He began his career at Morgan Stanley in 1990 and has worked in New York, Tokyo and Hong Kong.
Simkowitz was previously the co-head of global capital markets and was the lead capital markets partner for the firm’s assignments for the U.S. Treasury and Federal Reserve during 2008 to 2012. He has worked on several of the largest IPOs in history.
