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C-Suite Reshuffle At Morgan Stanley

Tom Burroughes

20 July 2021

The leader of Morgan Stanley’s wealth management business, Andy Saperstein, has been named co-president of the US firm. As a result, he will be in charge of all wealth management channels including Financial Advisors, E*TRADE and Morgan Stanley at Work.

The change comes as Morgan Stanley also announced that Ted Pick, who heads the firm’s institutional securities business, was also made a co-president. Pick will be responsible for its international operations and co-head of firm strategy and execution, Morgan Stanley said in a statement yesterday. 

Saperstein will also assume responsibility for marketing across the firm, and globally. Dan Simkowitz, the head of investment management, will also be co-head of firm strategy and execution with Pick, continuing to report to James Gorman, Morgan Stanley’s chairman and CEO.

Jonathan Pruzan, Morgan Stanley’s chief financial officer, will become chief operating officer, with responsibility for technology, operations and firm resilience, Morgan Stanley’s US Banks, and corporate services. Sharon Yeshaya, head of investor relations, will replace Pruzan as CFO, reporting to Pruzan and Gorman.

Shelley O’Connor, a Morgan Stanley executive who leads its US Banks' business, will become a vice chairman of Morgan Stanley and head of external affairs. In this new role, she will be responsible for community affairs, corporate affairs, global sustainable finance and the multi-cultural client strategy group. Mike Pizzi, who joined Morgan Stanley with the acquisition of E*TRADE and has worked to integrate that business into its wealth management franchise, will become head of its US Banks' arm and will report to Pruzan.

All these appointments become effective on June 1, 2021.

Yeshaya as CFO will join Morgan Stanley’s operating committee, as will Jed Finn, the COO of wealth management and the head of corporate and institutional solutions in Morgan Stanley’s Wealth Management business, it said.