Morgan Stanley CEO Change: Ted Pick Takes Helm
Ticker: MS-PL · Form: 8-K · Filed: Oct 24, 2024 · CIK: 895421
| Field | Detail |
|---|---|
| Company | Morgan Stanley (MS-PL) |
| Form Type | 8-K |
| Filed Date | Oct 24, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 4 min |
| Key Dollar Amounts | $0.01, $400,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: leadership-change, executive-appointment, board-of-directors
Related Tickers: MS
TL;DR
Gorman out, Pick in as CEO at MS. Big changes coming.
AI Summary
Morgan Stanley announced on October 23, 2024, changes in its executive team. Specifically, Ted Pick has been appointed as the new Chief Executive Officer, succeeding James P. Gorman. The filing also details the election of new directors and updates to compensatory arrangements for certain officers.
Why It Matters
This leadership transition at a major financial institution like Morgan Stanley can signal shifts in strategic direction and operational focus, impacting investors and the broader market.
Risk Assessment
Risk Level: medium — Leadership changes at major financial firms can introduce uncertainty regarding future strategy and performance.
Key Players & Entities
- Morgan Stanley (company) — Filer of the 8-K
- Ted Pick (person) — Newly appointed Chief Executive Officer
- James P. Gorman (person) — Outgoing Chief Executive Officer
FAQ
Who has been appointed as the new CEO of Morgan Stanley?
Ted Pick has been appointed as the new Chief Executive Officer of Morgan Stanley.
Who is Ted Pick succeeding as CEO?
Ted Pick is succeeding James P. Gorman as CEO.
What is the filing date of this 8-K?
This 8-K was filed on October 24, 2024.
What other items are covered in this 8-K besides the CEO change?
The 8-K also covers the election of directors, appointment of certain officers, and compensatory arrangements of certain officers, as well as other events and financial statements/exhibits.
When was the reported period for the change of directors or officers?
The conformed period of report for the changes in directors or officers was October 23, 2024.
Filing Stats: 927 words · 4 min read · ~3 pages · Grade level 12.8 · Accepted 2024-10-24 16:34:47
Key Financial Figures
- $0.01 — nge on which registered Common Stock, $0.01 par value MS New York Stock Exchange
- $400,000 — for the two-year term: an annual fee of $400,000, continuation of current health benefit
Filing Documents
- dp219753_8k.htm (8-K) — 52KB
- dp219753_ex9901.htm (EX-99.1) — 8KB
- image_001.jpg (GRAPHIC) — 3KB
- 0000950103-24-015350.txt ( ) — 334KB
- ms-20241023.xsd (EX-101.SCH) — 5KB
- ms-20241023_def.xml (EX-101.DEF) — 30KB
- ms-20241023_lab.xml (EX-101.LAB) — 42KB
- ms-20241023_pre.xml (EX-101.PRE) — 29KB
- dp219753_8k_htm.xml (XML) — 16KB
01 Other Events
Item 8.01 Other Events. Morgan Stanley (the "Company") announced the election of Edward Pick, Chief Executive Officer of the Company, to the position of Chairman of the Board of Directors, effective January 1, 2025. The Company also announced that James P. Gorman was named Chairman Emeritus, a non-director honorary designation, effective January 1, 2025. A copy of the press release relating to this announcement is attached as Exhibit 99.1 hereto and is incorporated herein by reference.
02. Departure of Directors
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. Mr. Gorman has agreed to serve as a non-employee advisor to the Company beginning January 1, 2025 through the end of 2026, working with respect to matters in which the Company desires to benefit from the experience, expertise and relationships he developed over his 14-year Chief Executive Officer tenure to enhance Morgan Stanley's business and impact globally. In connection with this engagement, the Board approved the following arrangement for the two-year term: an annual fee of $400,000, continuation of current health benefits, access to a car and driver, office and administrative support for Company business, and, pursuant to the Bylaws of the Company, in his capacity as advisor to the Company, rights with respect to the indemnification and advancement of expenses of directors and officers of the Company. This arrangement may be terminated by the Board in its discretion at any time and is subject to renewal at the Board's option.
Financial Statements and Exhibits
Financial Statements and Exhibits. (d) Exhibits Exhibit Number Description 99.1 Press Release issued by Morgan Stanley dated October 24, 2024 101 Interactive Data Files pursuant to Rule 406 of Regulation S-T formatted in Inline eXtensible Business Reporting Language ("Inline XBL") 104 Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101). SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized. MORGAN STANLEY (Registrant) Date: October 24, 2024 By: /s/ Martin M. Cohen Name: Martin M. Cohen Title: Corporate Secretary