Morgan Stanley names new co-presidents, setting up a race to succeed CEO James Gorman

Morgan Stanley announced key leadership changes on Thursday, initiating a competition to take over the reins of one of Wall Street's most prominent investment banks.

Ted Pick, 52, who heads the Wall Street trading and advisory group, and Andy Saperstein, 54, who heads wealth management, have been appointed as co-presidents beginning next month, the company said

In an interview with Bloomberg, Chairman and CEO James Gorman said, "I am highly confident one of them will be the CEO in the future."

He has told the board of his intention to remain at the position for at least three more years, Bloomberg reported, quoting a source familiar with the matter.

 Other management changes included the appointment of Chief Financial Officer Jon Pruzan, 52, as a chief operating officer, and Dan Simkowitz, 56, was appointed co-head of strategy with Pick.

According to the bank, Sharon Yeshaya, the head of investor relations, will be promoted to CFO to succeed Pruzan, and Shelley O'Connor, who currently oversees Morgan Stanley's U.S. Banks, will join Morgan Stanley as Vice Chairman and Head of External Affairs.

“The management appointments announced today reflect the next generation of leadership at Morgan Stanley,” Gorman said, in a statement. “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.”

The reforms at New York-based bank, come just days after JPMorgan Chase named two executives to lead its commercial bank, laying the groundwork for future successors to CEO Jamie Dimon.

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