Morgan Stanley CEO Shakes Up Leadership With Eyes on a Successor

Morgan Stanley Chief Executive Officer James Gorman unveiled his biggest leadership shakeup in more than a decade, positioning a small group of lieutenants -- and two in particular -- as his most likely successors.

Ted Pick, the architect of Morgan Stanley’s trading revival, and Andy Saperstein, who built the company into a wealth-management powerhouse, were tapped as co-presidents and given expanded roles atop the Wall Street bank that’s been gaining ground on rivals.

Among a slate of others changes: Investment management chief Dan Simkowitz will gain clout as co-head of strategy alongside Pick, and Chief Financial Officer Jon ...