Recent executive appointments have put Morgan Stanley’s head of wealth management, Andy Saperstein, among those at the top of the list as a possible successor to CEO James Gorman, according to news reports.
The company has appointed Saperstein and Ted Pick, head of Morgan Stanley’s institutional securities group, as co-presidents of the company, Bloomberg writes. The move positions both of them as the most likely successors to Gorman, according to the news service.
But Gorman also told the company’s board of directors that he plans to stick around for at least another three years, a person familiar with the matter tells Bloomberg.
Gorman also implied to the news service that his successor could come from several other recent appointments. The latest leadership shuffle is its largest in more than a decade, according to Bloomberg.
In addition to Saperstein and Pick, Morgan Stanley has moved up investment management chief Dan Simkowitz to co-head of strategy, alongside Pick, while chief financial officer Jon Pruzan has been named the firm’s chief operating officer, the news service writes.
“I am highly confident one of them will be the CEO in the future,” Gorman tells Bloomberg. “It feels like the right time to more formally set up a transition over the next few years.”
Investor relations head Sharon Yeshaya is taking over from Pruzan as CFO, according to Bloomberg.
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