Morgan Stanley announced that Ted Pick will take over as CEO, succeeding James Gorman at the beginning of 2024. Pick, a seasoned Morgan Stanley executive with a background in leading the bank’s Wall Street operations, will join the bank’s board. James Gorman will continue as executive chairman for an undisclosed period. This announcement concludes a high-profile succession race on Wall Street. In May, Morgan Stanley revealed Gorman’s intention to step down within a year and announced that his successor would be chosen from one of the bank’s three main division heads.

Ted Pick, who served as the head of the bank’s institutional securities group, responsible for investment banking and trading activities, has been co-president of Morgan Stanley for the last two years. He has long been considered the frontrunner among insiders for the CEO role due to his extensive experience and ability to navigate the complex and risky environment of a top Wall Street firm. Pick’s career at Morgan Stanley began in 1990, and he earned a stellar reputation by effectively turning around various businesses during a challenging period for the bank. Notably, he played a key role in elevating Morgan Stanley’s equities division to become a global leader in revenue. He achieved this by making strategic technology investments for quantitative investors and focusing on establishing the bank as a premier broker for hedge funds. His impressive track record led to his appointment to head the bank’s struggling fixed-income business, where he orchestrated yet another successful turnaround. These accomplishments ultimately paved the way for his promotion to the CEO role.