Morgan Stanley's CEO, James Gorman, announced that the company will likely name its next CEO in the next 12 months. Gorman stated that the bank's board has identified three suitable candidates to succeed him. Ted Pick and Andy Saperstein, the company's co-presidents, are seen as top contenders for the job along with Dan Simkowitz, the head of investment management. Once the new CEO is appointed, Gorman will become the executive chairman of the company. Since taking charge in 2010, Gorman has transformed Morgan Stanley into a less trading-reliant, more diversified firm.