Morgan Stanley announced a slew of leadership changes on Thursday, firing the starting gun on the competition to replace Chief Executive Officer James Gorman in the coming years.
The Wall Street bank named its institutional securities chief Ted Pick and Andy Saperstein, the head of its wealth management unit, as co-presidents.
"I am highly confident one of them will be the CEO in the future," Gorman said earlier in an interview with Bloomberg.
He has informed the board of his plans to stay on for at least three more years, Bloomberg reported, citing a person familiar with the matter.
The other management changes included the appointment of investment management chief Dan Simkowitz as the co-head of strategy alongside Pick.
Finance boss Jon Pruzan will become the chief operating officer, the bank said, adding Sharon Yeshaya, the head of investor relations, will replace Pruzan as CFO.
The leadership shakeup comes days after JPMorgan Chase & Co (JPM.N) named Marianne Lake and Jennifer Piepszak, widely seen as the two top contenders for the CEO role, as co-heads of its consumer and community bank.
This article originally appeared on Reuters.
