Morgan Stanley has officially declared that Ted Pick will take the reins as the new CEO, commencing his role on January 1. This transition marks the conclusion of the long-serving leadership of James Gorman, who will assume the position of executive chairman, according to the bank’s announcement made on Wednesday.
Ted Pick, who has been co-president of Morgan Stanley for the past two years, boasts a rich history with the banking giant. He has overseen various critical functions, including investment banking, equities, fixed income, capital markets, and research. Additionally, he co-leads the firm’s strategic initiatives. Ted Pick’s association with Morgan Stanley dates back to 1990.
James Gorman had previously revealed his intention to step down as the company’s CEO within the next 12 months, bringing an end to his significant tenure as one of the longest-serving leaders in the U.S. banking sector. He assumed the role of CEO for Morgan Stanley in January 2010. Gorman also expressed his commitment to transition the bank into its next era of leadership by serving as executive chairman for a defined period.
In response to the announcement, James Gorman praised the Board’s decision in selecting Ted Pick as his successor. He shared, “The Board’s selection of Ted Pick is an outstanding one. I have worked side by side with Ted since the financial crisis and have experienced first-hand his values, intellect, passion, and commitment to our people and our clients.” This marks a significant change in leadership for Morgan Stanley as it looks to the future under Ted Pick’s guidance.