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Morgan Stanley units up potential successors to CEO James Gorman by naming new co-presidents

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James Gorman

David A. Grogan | CNBC

Morgan Stanley CEO James Gorman promoted a quartet of executives on Thursday, organising a race to succeed him atop one in every of Wall Avenue’s premier funding banks.

The agency named Ted Decide, who runs the Wall Avenue buying and selling and advisory division, and wealth administration head Andy Saperstein as co-presidents beginning subsequent month, in response to an organization statement.

Chief Monetary Officer Jon Pruzan was made chief working officer, and funding administration head Dan Simkowitz was named co-head of technique with Decide.

The adjustments at New York-based Morgan Stanley, a powerhouse in Wall Avenue buying and selling and funding banking and wealth administration, come days after JPMorgan Chase promoted two executives to run its massive retail financial institution, organising potential successors to CEO Jamie Dimon.

“The administration appointments introduced at this time mirror the subsequent technology of management at Morgan Stanley,” Gorman mentioned within the assertion. “Ted Decide and Andy Saperstein lead our two largest companies and have each performed crucial roles in our success; they’re confirmed leaders and managers.”

In an interview, Gorman mentioned he was “extremely assured” that one in every of his deputies could be CEO finally, in response to Bloomberg, which reported on the overhaul earlier. Gorman advised his board he intends to function CEO for at the least one other three years, in response to the report.

Investor relations head Sharon Yeshaya might be promoted to CFO to interchange Pruzan, the financial institution mentioned.

This story is creating. Please test again for updates.

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