Ted Pick, a banking veteran and co-president of Morgan Stanley, will become the next CEO of the bank effective January 1. He will succeed long-time CEO James Gorman, who announced his plans to step down in May. Gorman will remain at the bank as executive chairman of the board.
Pick has been with Morgan Stanley since 1990 and has held various roles during his tenure, including managing director, head of equity capital markets, and global head of sales and trading. He expressed deep honour in leading the institution and credited Gorman’s leadership in positioning Morgan Stanley for success across market cycles.
Gorman, who took over as CEO in 2010 during a challenging period for the bank, focused on stabilising Morgan Stanley’s business for long-term success. He expanded the wealth management business and made strategic acquisitions, including E*Trade and Eaton Vance, to strengthen the firm’s wealth management offerings. He expressed confidence in Pick’s leadership as his successor.