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The dangers of succeeding a star CEO
What can Morgan Stanley’s Ted Pick do after James Gorman?
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Mr Ted Pick has already said his appointment is “not a change in strategy”.
PHOTO: REUTERS
Brooke Masters
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When Mr Ted Pick takes over Morgan Stanley in January,
Outgoing CEO James Gorman has racked up an enviable 14-year record. He transformed a wobbly investment bank weakened by the 2008 financial crisis into a financial advisory powerhouse with a series of huge acquisitions. Morgan Stanley now draws more than half of its pre-tax profits from asset and wealth management, and trades on a higher multiple of book value than Wall Street rival Goldman Sachs, suggesting investors rate it more highly.
