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


James Gorman

David A. Grogan | CNBC

Morgan Stanley CEO James Gorman promoted a quartet of executives on Thursday, setting up a race to succeed him atop one of Wall Street’s premier investment banks.

The firm named Ted Pick, 52, who runs the Wall Street trading and advisory division, and wealth management head Andy Saperstein, 54, as co-presidents starting next month, according to a company statement.

Chief Financial Officer Jon Pruzan, 52, was made chief operating officer, and investment management head Dan Simkowitz, 56, was named co-head of strategy with Pick.

The changes at New York-based Morgan Stanley, a powerhouse in Wall Street trading and investment banking and wealth management, come…


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