Wall Street investment bank Morgan Stanley (MS) has named Ted Pick as its new chief executive officer (CEO), succeeding James Gorman who will retire on Jan. 1, 2024.
Pick, a long-time Morgan Stanley insider, rose through the ranks to lead the bank’s Wall Street operations. He will also join the investment bank’s board of directors in his new role.
Gorman, who has been CEO of Morgan Stanley since 2010, will stay on as executive chairman at the firm for an undisclosed period.
Morgan Stanley announced in May of this year that Gorman intended to step down and retire within a year and that it would select his successor from a group of internal candidates.
Pick currently runs the bank’s institutional securities group, which includes investment banking and trading activities, and was co-president of Morgan Stanley for the past two years.
Pick, who is a Harvard MBA, joined Morgan Stanley in 1990 and has been with the firm his entire career.
He helped steer Morgan Stanley through the 2008 financial crisis when the firm needed a $9 billion U.S. cash infusion to stay afloat.
Pick helped Morgan Stanley recover from that crisis by focusing on quant investing and becoming a top broker to hedge funds.
In announcing his selection as the new CEO, Morgan Stanley said that Pick is “battle tested.”
Morgan Stanley’s stock has declined 12% over the last year and currently trades at $71.40 U.S. per share.
