By Peter Rudegeair

Morgan Stanley on Thursday set up a four-way race to one day succeed Chief Executive James Gorman, elevating a number of senior executives into new roles as part of a broader management reshuffle.

Ted Pick, who leads the firm's investment-banking and trading businesses, and Andy Saperstein, the head of wealth management, were named co-presidents of the bank.

Chief Financial Officer Jonathan Pruzan is moving into the role of operations chief, and Dan Simkowitz was given responsibility to help set Morgan Stanley's strategy and execution alongside his job as head of investment management.

All appointments are effective as of June 1.

Mr. Gorman is one of the longest-serving CEOs on Wall Street, getting the top job at Morgan Stanley in 2010. He recently told Morgan Stanley's board that he planned to stay in his post for at least three more years, according to a person familiar with the matter.

Over his eleven-year tenure as CEO, Mr. Gorman oversaw Morgan Stanley's recovery from a near-death experience during the 2008 financial crisis. He spent much of the past decade raising capital levels, slashing pay, exiting risky businesses and shrinking the trading operation.

(END) Dow Jones Newswires

05-20-21 0948ET