Decide, a Morgan Stanley veteran who rose via the ranks to guide the financial institution’s Wall Road operations, will report for responsibility as the corporate’s chief govt beginning Jan. 1, 2024.
He will even be part of the New York-based financial institution’s board. In the meantime, Gorman will keep on as govt chairman for an undisclosed interval.
“Via the transition interval and my time as Government Chairman, I’ll do all the pieces I can to help Ted as our new CEO,” the outbound chief wrote in a press release.
So who’s Ted Decide?
Born in New York Metropolis, Decide’s father’s work in petrochemicals noticed the household uproot to Venezuela for a number of years earlier than returning to the States.
The 54-year-old banker graduated Phi Beta Kappa from Middlebury School and obtained an MBA from the Harvard Enterprise College, earlier than becoming a member of Morgan Stanley in 1990 at simply 21 years previous.
He was the final particular person employed into his analyst class, Bloomberg stories, and was identified early in his profession for his colourful vocabulary, however after the modest begin rose shortly via Morgan Stanley’s ranks.
By 2002, he had climbed the ranks to managing director and earned his popularity for turning the agency’s fixed-income division round and lift capital following the 2008 world monetary disaster.
He was briefly the group’s head of fairness capital markets, engaged on notable IPOs, together with broadcast.com, Google, China Building Financial institution and Blackstone, earlier than being promoted to supervise each inventory and debt buying and selling the place below his watch market share among the many 5 large U.S. corporations doubled.
By 2018 he was promoted once more to his most up-to-date position as head of the institutional securities group—and by then was already thought-about a front-runner for the CEO place.
On high of main a 9,000-strong workforce in his day job, Decide was additionally a member of the corporate’s working committee, administration committee and the Morgan Stanley-MUFG steering committee.
Over the 30-plus years that Decide has labored on the financial institution, he has earned a popularity for “bleeding Morgan Stanley blue”, a former colleague informed Insider. “He’s much more like John Mack than James Gorman when it comes to type,” an ex-managing director added, referring to Gorman’s predecessor.
Exterior of labor, Decide resides in New York together with his two daughters and spouse Betsey Kittenplan.
James Gorman says Decide is ‘battle-tested’
James Gorman joined Morgan Stanley in February 2006 and have become co-president the next 12 months. He then steered the financial institution within the aftermath of the 2008 monetary disaster and by January 2010, he took the corporate’s helm.
Because the firm introduced in Might that Gorman would retire within the subsequent 12 months and that his successor could be one of many financial institution’s three most important division heads, all eyes have been on Decide, Andy Saperstein and Dan Simkowitz.
Though Decide beat the sturdy inside candidates to the highest position, his colleagues have each been promoted: Saperstein is ready to tackle extra obligations, together with overseeing the funding administration division. In the meantime, Simkowitz who was the top of funding administration, will now turn out to be the corporate’s co-president and head of institutional securities.
“The Board’s number of Ted Decide is an impressive one,” Gorman mentioned of his successor within the launch. “I’ve labored facet by facet with Ted because the monetary disaster and have skilled first-hand his values, mind, ardour and dedication to our folks and our purchasers.”
“He’s battle-tested, understands complicated threat, and works very successfully not simply within the U.S., however across the globe,” Gorman added.
In the meantime, Decide praised his former boss’s “glorious management” within the launch, including: “Our Agency is now well-positioned to succeed throughout market cycles, and I’m excited concerning the alternatives for future progress.”
