Morgan Stanley unveils management changes, names Ted Pick and Andy Saperstein co-presidents

Morgan Stanley
MS,
-1.06%
unveiled a series of management changes on Thursday, naming Ted Pick and Andy Saperstein as co-presidents of the bank. Pick currently heads Morgan Stanley’s Institutional Securities business and will now also be responsible for Morgan Stanley’s international operations and become the co-head of strategy and execution. Saperstein currently leads Morgan Stanley’s wealth management business and will be responsible for all wealth management channels, including financial advisors, E*TRADE and Morgan Stanley at Work. The company’s Chief Financial Officer Jonathan Pruzan will become chief operating officer. Pruzan will be replaced as CFO by Shelley O’Connor, current head of U.S. banks, who will become vice chairman and head of external affairs. O’Connor will be replaced by Mike Pizzi, who joined Morgan Stanley with the purchase of E*Trade. All appointments will be effective June 1. Shares were flat premarket, but have gained 26% in the year to date, while the S&P 500
SPX,
+0.26%
has gained 9.6%.