Ted Pick to Succeed James Gorman as CEO of Morgan Stanley

Banking veteran Ted Pick will become the next CEO of Morgan Stanley. Pick will succeed long-time CEO James Gorman effective Jan. 1. Gorman, who announced his plans to step down in May, will remain at the bank as executive chairman of the board.

Pick's Journey at Morgan Stanley

Pick has served as co-president of Morgan Stanley for the past two years. He first joined the investment bank back in 1990 and held several titles throughout his tenure — including managing director, head of equity capital markets, and global head of sales and trading.

Pick's Vision for the Future

In a prepared statement, Pick said Wednesday that he was deeply honored to head the storied institution and was excited for future growth. He also credited Gorman's leadership for making Morgan Stanley "well-positioned to succeed across market cycles.”

Gorman's Legacy

Gorman, who first joined the New York bank as chief operating officer of its Global Wealth Management Group in 2006, became CEO in 2010 — in the wake of the financial crisis, when the investment bank came dangerously close to collapsing. He made it his mission to stabilize Morgan Stanley's business for the long term. The firm built out its wealth management business substantially, a business that brings in regular fee income instead of when deals close. Morgan Stanley also bought EasteriskTrade and Eaton Vance to further build out its wealth management business.

A Smooth Transition

Gorman said in a prepared statement Wednesday that he had worked with the board for several years to ensure an orderly succession. He applauded the selection of Pick — calling his successor "battle-tested” and an outstanding executive and leader.

With Pick at the helm and Gorman remaining involved as executive chairman, Morgan Stanley is poised for continued success in the years to come.