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Monday, January 9, 2023

Morgan Stanley’s Jon Pruzan, Onetime CEO Candidate, Exits Agency

(Bloomberg) — Morgan Stanley Chief Working Officer Jon Pruzan, a longtime lieutenant to James Gorman and as soon as thought of a possible candidate to succeed him as chief government officer, is exiting the agency.

Pruzan, who’s leaving on the finish of the month, departs after a 28-year run that included a six-year stint as chief monetary officer — the general public face of the agency to buyers and analysts. The 54-year-old plans to pursue different alternatives, in accordance with Gorman.

“He has been a trusted adviser to me for a few years,” Gorman mentioned in a message to employees Monday. Pruzan “has had a seat on the desk and a voice within the decision-making course of for lots of the key choices that the agency has remodeled the previous decade.”

His departure additional narrows the checklist of potential successors to Gorman — a bunch that took form with a main administration shuffle in 2021, when 4 senior leaders got new roles as they competed for the highest spot. With Pruzan’s exit, that checklist has been whittled right down to Ted Decide and Andy Saperstein, the New York-based agency’s co-presidents and CEO front-runners. Dan Simkowitz, the investment-management chief, can be within the working.

Gorman has been CEO since January 2010, a 13-year run wherein the financial institution recovered from close to calamity throughout the monetary disaster, reworking itself right into a enterprise counting on the dual engines of the funding financial institution and wealth administration.

On the time of the 2021 reorganization, Gorman informed the Morgan Stanley board he needed to stay CEO for no less than three years.

Pruzan performed a key function within the firm’s current acquisitions, among the largest for a US financial institution because the disaster, together with these of E*Commerce and Eaton Vance.

The long-time funding banker was tapped for the CFO function in 2015, when Ruth Porat departed that function for the same one at Google, now a part of Alphabet Inc. Pruzan attended Horace Mann College and Tufts College earlier than becoming a member of Paine Webber in 1990.

A local New Yorker, he as soon as needed to begin a restaurant, labored as line prepare dinner and managed a diner whereas in school. However over the past three a long time, he’s performed his half in making the Pruzan title well-known on Wall Avenue. His brother Michael was a banker at Goldman Sachs Group Inc. and one other brother, Robert Pruzan, is the co-founder of Centerview Companions, which was began in 2006.

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