Morgan Stanley (NYSE:MS) stock is in the news Thursday after the investment bank and financial services company announced Ted Pick as its next CEO.
That will see Pick take over from James Gorman, who took on the role in 2010. Gorman will in turn take on the Executive Chairman role with Pick’s succession and will stick around for a least a year to ensure a smooth transition for the new CEO.
Investors will note that Pick is taking over Morgan Stanley during a challenging economy. However, that’s not much different from Gorman, who helped guide the company through the 2008 financial crisis. Pick also has the advantage of being a 30-year veteran of the company, making him incredibly familiar with its operations.
Brian Mulberry, Client Portfolio Manager at Zacks Investment Management, said the following about the new CEO to Reuters:
“The expectation is that the growth of mergers and acquisitions in the next couple of years will be high and that has been Pick’s core competency so we view it as a good move.”
MS Stock Movement on Thursday
Morgan Stanley shares are rising 1.2% after announcing its new CEO. That comes as some 3.1 million shares change hands as of this writing. To put that in perspective, the company’s daily average trading volume is still above that at 7.4 million shares.
Investors looking for more of the hottest stock market news on Thursday are going to want to keep reading!
We have all of the biggest stock market stories that traders need to know about today! Among that is what’s happening with shares of Ford (NYSE:F), Stellantis (NYSE:STLA) and Palantir Technologies (NYSE:PLTR) stock. You can read up on all of these matters at the following links!
More Stock Market News for Thursday
- F Stock Pops as Ford Strikes Deal With UAW
- Stellantis Invests $1.6 Billion in Chinese EV Maker Leapmotor
- PLTR Stock Alert: Study Ranks Palantir as Top AI Vendor
On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
